Weekly Market Update(18/04/2022–22/04/2022) #5
Benchmark indices saw another fall of 2 percent in the previous week following the results of Infosys and HDFC Bank.
A hawkish statement by Federal Reserve Chair Jerome Powell hinting a 50-bps rate hike in next month’s policy meeting added to the woes.
The Sensex corrected 1,142 points or 1.96 percent to close the week at 57,197, and the Nifty50 fell 304 points or 1.74 percent to 17,172, Midcaps performed fairly well than the indices as the Nifty Midcap 100 index gained 3.6 percent and Smallcap 100 index rose 2.7 percent.
The volatility observed during the trading sessions is expected to continue in the upcoming week because of the monthly expiry of April futures and options contracts, apart from this turmoil Ukraine war, Covid Situation in China may adversely affect the Global Markets.
It is advised to limit overnight leveraged trades and focussing more on trends, with corporate earnings season on board 160 companies will release their earning in the next week. . Big names like Bajaj Finance, HDFC Life Insurance Company, Bajaj Auto, HDFC Asset Management Company, Hindustan Unilever, Axis Bank, Bajaj Finserv, SBI Life Insurance Company, Vedanta, IndusInd Bank, Maruti Suzuki India, UltraTech Cement, and Wipro will declare results.
Technical Viewpoint
The Nifty50 has formed bearish candle on the daily charts on Friday and saw Long-legged Doji kind of pattern formation on the weekly scale, as the index fell more than 1 percent and nearly 2 percent respectively. The index due to value buying and short covering rebounded smartly from recent lows of 16,800 and held on to 16,800 as well as 17,000 levels at the closing of week, hence both the levels could act as crucial support levels in coming days, whereas 17,400–17,500 could be resistance area.
Weekly Swing Trade Recommendations
Adani port has given a channel breakout on 15 min chart, it can be taken as a intraday or a swing trade.
Bandhan Bank is in a strong region and can be considered as a swing trade.
This is only for educational purpose not any recommendation, cradletradle is not responsible for any kind of your profit or loss.
Wish you a great trading week ahead!!
