Weekly market outlook and top two trading ideas by Prabhudas Lilladher

Market outlook and trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher.

Market View

Nifty turned down its weekly trend and with the daily trend also being down since the past seven days, it implies weakness or further selling pressure in the market. The weightage among the Nifty50 stocks is equally balanced between the positive and negative. The support for the week is seen at 38,760/11,600 for the Sensex and Nifty, respectively while resistance is seen at 40,140/12,050. Bank Nifty would have a range of 29,900-31,300. Bank Nifty now has a negative divergence on weekly chart with many front line banks getting in selling mode, a cautious view.   

BUY  NCC