The benchmark indices closed moderately in green on August 2, but weakness continued for the fourth straight week in a row, keeping the Nifty below psychological 11,000 level.
The BSE Sensex after witnessing a swing of 768 points closed 99.90 points higher at 37,118.22 on August 2 but lost 2 percent for the week.
Nifty gained 17.40 points to close at 10,997.40 but saw 2.5 percent weekly loss. The index formed a bullish candle that resembles a High Wave kind of pattern on daily charts but saw bearish candle formation on the weekly scale.
The broader markets also saw some recovery from day's low and cut down losses to end 0.3 percent lower on Friday. For the week, the Nifty Midcap index lost 2.82 percent and Smallcap index shed 4.74 percent.
According to the pivot charts, the key support level is placed at 10,870.8, followed by 10,744.3. If the index starts moving upward, the key resistance levels to watch for out are 11,102 and 11,206.7.
The Nifty Bank closed at 28,204.95, down by 162.30 points on August 2. The important pivot level, which will act as crucial support for the index, is placed at 27,912.6, followed by 27,620.3. On the upside, key resistance levels are placed at 28,520.9 and 28,836.9.
Buy Asian Paints with a stop loss of Rs 1530, target of Rs 1580
Buy Pidilite Industries with a stop loss of Rs 1245, target of Rs 1280
Buy TCS with a stop loss of Rs 2190, target of Rs 2240
Buy Marico with a stop loss of Rs 368, target of Rs 382
Buy HDFC with a stop loss of Rs 2100, target of Rs 2165
Buy Marico stop loss at Rs 365 and target of Rs 387
Sell Raymond with stop loss at Rs 638 and target of Rs 605
Sell Cummins India with stop loss at Rs 687 and target of Rs 650
Sell Apollo Hospitals with a stop loss of Rs 1328 and target of Rs 1275
Buy Godrej Consumer with a stop loss at Rs 597 and target of Rs 635
Buy Asian Paints with a stop loss of Rs 1525 and target of Rs 1590
Sell HPCL with a stop loss of Rs 259 and target of Rs 240
MORE WILL UPDATE SOON!!
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