For this week in commodities, copper could be bearish. As we saw last week, copper showed a bearish trend and consolidating around lower levels. So one should go for sell in Copper on higher levels strategy. If it sustains below the level of 413 then below the level of 411 it could reach around the level of 406.

In agri commodities, pepper May contract could be bearish. As we saw, last week it was in consolidation and also closed around the lower levels. So for the coming week in pepper may contract, one should go for sell on higher levels strategy. If it sustains below the level of 38000 then below the level of 37800 it could reach around the level of 37200.

Indian equities were down this week. NSE’s Nifty took support at 5195 levels which is near to its 50 weeks MA level of 5209.65. Market ended at 5221.10 with loss of 2.31% WoW basis.

For the coming week the major event is the Reserve Bank of India’s (RBI) monetary policy review on tuesday, 17 april. Investors are hoping that RBI may cut its key policy rate to spur economic growth after the latest data showed that industrial production grew by lower-than-expected 4.1% in February 2012.

Technically Nifty is looking bearish below its 5185 levels and if it breakes this level, we can see 5050-4950 levels soon.

On the other side nifty future is having a major resistance at 5280-5330-5400 levels.

Stock Of The Week: HDFC BANK.

Technically it is looking strong on charts. From the last few trading session it managed to trade and close above the 10 and 50 period moving averages. HDFC Bank is now taking resistance at 540 and support at 520. It is looking positive in the coming trading session so one can go for long position in it at 540 for the target of 565/585 with slof 520.

In banking, CNX Bank Index gained 186.45 point or 1.83 %. Amongst the banking index Canara Bank, State Bank of India and Axis Bank lead the row.

Bank Nifty Futures shut stop at 10425.65 up by 159.20 points or 1.55 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 10520 else below support level of 10290 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 10520 above this level the next resistance is seen near to the level of 10650.

SUPPORT: It has first support close to the level of 10290 & below this level the next support is seen near 10040 marks.

Markets ended the Thursday’s trading session on a strong note led by bank, metals and index heavyweight Reliance Industries and FMCG major ITC. The Sensex advanced 133.22 points to provisionally close at 17,332.62 levels and the Nifty jumped 50 points to close at 5,276.85.

Meanwhile on the macro economic front, the index of industrial production (IIP) for the month of February came in at 4.1% as against a market expectation of 6.6%.

Nifty Futures shut stop at 5290.65 up 39.30 points or 0.75 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5310 else below support level of 5260 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 5310 & above this level the next resistance is seen near the 5410 mark.

SUPPORT: It has first support close to the level of 5260 & below this level the next support is seen near 5200 mark.

In banking, CNX Bank Index gained 64.45 point or 0.64 %. Amongst the banking index Canara Bank, State Bank of India and IDBI Bank lead the row.

Bank Nifty Futures shut stop at 10235.45 up by 77.20 points or 0.76 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 10250 else below support level of 10040 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 10250 above this level the next resistance is seen near to the level of 10350.

SUPPORT: It has first support close to the level of 10040 & below this level the next support is seen near 9840 marks.

Markets ended flat on Tuesday, amid a range bound trading session, as gains in fast moving consumer goods shares helped offset losses in index heavyweight Infosys and capital goods shares.

The 30-share Sensex ended up 21.70 points at 17,243.84 after touching a high of 17274.69 and a low of 17135.76 and the Nifty ended up 9.20 points at 5,243.60 after touching a high of 5,255.80 and a low of 5,211.85.

Nifty Futures shut stop at 5266.15 up 13.15 points or 0.25 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5310 else below support level of 5220 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 5310 & above this level the next resistance is seen near the 5410 mark.

SUPPORT: It has first support close to the level of 5220 & below this level the next support is seen near 5130 mark.

In banking, CNX Bank Index lost 208.50 point or -0.89 %. Amongst the banking index Canara Bank, State Bank of India and IDBI Bank lead the row.

Bank Nifty Futures shut stop at 10158.25 down by -206 points or -1.99 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 10400 else below support level of 10140 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 10400 above this level the next resistance is seen near to the level of 10520.

SUPPORT: It has first support close to the level of 10140 & below this level the next support is seen near 10040 marks.

Having opened in the red, the markets extended losses throughout the day and ended the trading session near the day’s low. The BSE Sensex ended at 17,222.14, down 263.88 points and the Nifty at 5,234.40, down 88.50 points.

During the day, the NSE benchmark index had touched the day’s high at 5287.90 and the day’s low at 5228.

Nifty Futures shut stop at 5253 down -91.55 points or -1.71 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5370 else below support level of 5300 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 5310 & above this level the next resistance is seen near the 5410 mark.

SUPPORT: It has first support close to the level of 5230 & below this level the next support is seen near 5130 mark.

Stock for the week is Tech Mahindra Ltd. It is looking strong on charts as it is consolidating with positive biasness from last few trading sessions, after previous up rally in it.

Currently it is trading above its 50 and 200 period moving average with daily RSI at 66.14 levels. If the stock continues to sustain at current levels, we may expect an up rally in it. Traders may go LONG in this stock above the level of 732 for the targets of 748 and 760 with the strict Stop Loss of 713.

We had only 3 trading sessions this week and market was in a positive trend with a higher closing in Nifty 50 spot index in comparison with last week. The closing this week was even higher than the high of the last week which is a very positive signal as Nifty had formed a Bullish Hammer pattern last week. 5390 is an important resistance level in Nifty spot now above which it will be breaking a trend line on Daily charts and it is also forming a Flag pattern. So, we can expect markets to gain a good momentum on the upside once the level of 5390 is crossed. We can see Nifty trying to reach up to the targets of 5495 and 5600 above 5390. For the downside the same level and the trend line will act as a very good resistance.

Trading Strategy For The week

Strategy for the next week can be to hold the positions up to the level of 5390 and built fresh buying positions above 5390. Sectors which can be positive and should be focused in the coming week are Energy, Finance, Infrastructure and PSU Banks.