NIFTY, BANK NIFTY WEEKLY REPORT 11 to 15 June

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NIFTY WEEKLY VIEW

Nifty index closed 5068.35 with the gain of 220.20 or 4.54%. The Nifty May future finally settles at with a gain of 234.85 pts or 4.87% up at 5059.40 and increased 288200 shares in the open interest. The Nifty future turned to the discount of 8.95 from 23.60. Whereas cost of carry is -21.68% vs.-10.64%. Nifty future has closed at 5059.40 and now next logical resistance is at 5150 and 5300 levels, and good support near4950 and 4750 levels.

BANK NIFTY TECHNICAL OUTLOOK

Bank Nifty index closed at 9998.85 with the gain of 731.25 pts or 7.89% .The Bank Nifty May futures finallysettles at gain of 9939.50 pts or 7.90% above at 9939.50 and increased 361075 shares in the open interest.The Bank Nifty future came to a discount of 59.35 from 55.50 earlier, whereas cost of carry is -6.42% vs-8.64%. Bank Nifty futures have closed at 9939.50 and now next logical resistance is at 10150 and 10375 levels, and good support near 9690 and 9300 levels.

STOCK OF THE WEEK

SESA GOA (BUY) :- Sesa Goa is facing good consolidation formation and trading above 10 days and 50 day moving average.Last week it was closed near to its major resistance level of 190.If it manages to sustain above 190 levle we can expect good up move in coming days .We recommend Buy Sesa Goa in Cash in NSE above 190 with SL of 183 Target 198,205,210. 

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