Mandis dominated small business week

Mandadis dominated this small business week and closed in three of the four trading sessions of the week in red mark.

Last week, the benchmark index declined by 2.6 percent, which broke the trend of continuous increase in two weeks. The Nifty midcap and smallcap indices fell by two percent and 2.6 percent respectively. The Nifty IT and MET index declined by 9.2 percent and 7.5 percent respectively, the biggest decline in regional indices. While media and FMCG indices improved by 0.9 percent and 0.4 percent respectively and they were the most profitable in regional indices.

Nifty (CMP: 22,904): On Friday, the US markets saw a decline of nearly six percent and the gift Nifty is also indicating a huge decline of 600 points for our market on Monday. The next bottom levels are 22,692 and 22,372, which is 61.8% and 78.6% of the retracement levels of growing up to 21,965–23,870 from the lowest level of March. If 22,372 also goes down, the Nifty may re -examine the low of 21,965. There is immediate resistance at a level of 23,300 on an hourly chart, a small trade can be done with stop loss.

Bank Nifty (CMP: 51,503): This index declined by only 0.1 percent during the week, which is performing much better than the Nifty. The highest level of 52,064 formed in March is an immediate barrier. The next target to look at its crossover will be 53,000, which is 78.6% of the full decline after the all -time high level created in September 2024. At the bottom, 50,742, which is the lowest level created during the week, is immediate support. The breakdown of 34 DMAs located around 49,600 would be a significant support.

PDLite (CMP: 2,892): This stock was getting involved in a narrow border after touching a high level of 2,924 on 26 March. It broke with a volume over average on its per hour chart on Friday and can be purchased at a current price with a target of 2,950. Place the stop loss at 2,847.

MFSL (CMP: 1,165): On March 25, this stock was seen after touching a high level of 1,167. During this time it created triple bottom around 1,112. On Friday, this descending triangle exiting the structure and it can be purchased at the current level with a target of 1,200. Stop loss should be placed on 1,139.

MaxHelth (CMP: 1,138): After touching the highest level of 1,189 on 21 March, the stock improved by 1,079 and has been jumping back since then. On Friday, it confirmed a breakout on an hour chart and can be purchased at the current level for a target of 1,180. Stop loss can be placed on 1,104.

Torrent Pharma (CMP: 3,286): This stock rose 1.2 percent on Friday. Its volume was almost double the average volume of its 20-day average volume and confirmed the breakout from the trendline attached to the current level on its daily chart. It can be purchased for a target of 3,420 at the current level. Place the stop loss at 3,190.