As the earnings near the fag end, a plethora of companies are scheduled to release their second-quarter earnings in the week ahead. Divis Laboratories, FSN E-Commerce, Power Grid Corp of India, Adani Ports and SEZ, Apollo Hospitals, Bosch, Zee Entertainment Enterprises, LIC, Oil and Natural Gas Corp, Coal India, M&M, HAL, and Hindalco Industries are among the big names to watch out for.
"After a gap-up opening, Nifty faced resistance around 19,250-19,300 levels, and we can see maximum put writing at 19,200 levels, which may act as strong support for Nifty. We can see maximum open interest in the 19,300 call option, so one should only be bullish on Nifty if it closes above its crucial 100-day moving average, which is placed at 19,300," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
About 57 smallcap stocks delivered double-digit weekly returns with four of them offering over 25% returns. Jaiprakash Associates was the top gainer in the pack with nearly 40% return, followed by SEPC Ltd (35.1%), Greenlam Industries (29.6%), and Apollo Micro Systems (25%).
From a technical standpoint, the weekly chart displays a Bullish Inside Candle formation, with the weekly RSI at 51. On the daily chart, the 50-day moving average acts as a formidable resistance at 19,450 for the Nifty 50.