- Created: Monday, 20 October 2014 10:18
Week begun with the gap down opening and key benchmark index Nifty future recouped its intra-day losses.It registered weekly high of 7952 on Tuesday, 14th October taking positive cues from easing of CPI inflation at 6.46% & WPI inflation at 2.38%, but due to weak global markets, it traded with the negative sentiments and extended losses till the level of 7752.20 in remaining trading session. Nifty ended the week at 7815 with the net loss of 71.80 points ,as foreign portfolio investors were net seller this week also. Trend in global market, movement of rupee against dollar, crude oil prices may dictate the market movement in near term.
Technically, primary trend of the Nifty future is bullish, it is showing correction from past few weeks. In near term range bound movement can be observed in it. Resistance for Nifty future is at 7955, crossing of this can result in upside movement in index, while with the breach of its next support level of 7700 further correction can be seen.
Events to watch in upcoming weeks:
· Opening of market for the upcoming week will depend upon the result of election held in Maharashtra & Haryana. Election commission will unveil results on Sunday 19th October 2014.
· LIC Housing Finance, Ultratech Cements, Exide Industries, Hindustan Zinc, Idea Cellular Ltd., ACC, Biocon, Jsw Steel Limited, Asian Paints Ltd., HDFC, Kotak Mahindra Bank, ITC Ltd., Indian Overseas Bank, Jsw Energy, Power Grid will report their second quarter (July – September 2014 ) results in next week.
· A special live trading session will be held on thursday, 23rd October 2014, on account of Muhurat trading on Diwali, it will be conducted between 18:30 IST to 19:30 IST.
· FOMC ( Federal Open Market Committee next undertakes a monetary policy review at a two-day meeting on 28-29 October 2014.
BUY Aurbindo IN NSE CASH ABOVE 1670 WITH SL OF 1625 TGT 1715, 1750
The major trend of the stock is bullish. It is consolidating in short term below the resistance mark of 1670. It is sustaining above its 50 and 200 DMA with the RSI of 55. It is likely to continue its bull run with the crossing of its resistance level. Traders can go long in the stock above the level of 1670 for the target of 1715, Support is at 1625 which will act as stop loss for the stock.
BUY IDBI IN NSE CASH ABOVE 62.70 WITH SL OF 60.90 TGT 64.50,66
IDBI is accumulating below the resistance level of 62.70 after showing correction. Some upside movement can be observerd with the crossing of the above mentioned resistance level, One can take long position in the stock above the level of 62.70 and can keep target of 64.50. Support is at 60.90, which will act as stop loss for the stock.
BUY DISH TV IN NSE CASH ABOVE 55.50 WITH THE SL OF 52.50 TGTS 58.50, 61.50
The stock is trading sideways on the short term charts. It is sustaining below the major resistance mark of 55.50 and trading above 50 and 200 DMA with the RSI of 56.50. If it manages to cross its resistance mark it may show upside movement in upcoming sessions. Traders can expect targets of 58.50 and 61.50 in near term. Major stop loss of 52.50 acts as technical stop loss for the stock.
BUY NATIONAL ALUMINIUM IN NSE CASH ABOVE 61.60 WITH THE SL OF 57.20 TGTS 66, 70
After showing correction from the higher levels stock has formed reversal candle stick pattern on the daily charts. Currently it is sustaining below the resistance mark of 61.60 since positive bias. Stock is trading above 50 and 200 DMA. One can initiate long position above its resistance mark and expect targets of 66 and 70 near term. Stop loss level is at 57.20.
BUY BANK OF BARODA IN NSE CASH ABOVE 886 WITH THE SL OF 856 TGTS 906, 936
The stock has bounced from its major support and currently it is in accumulation phase. Stock is sustaining below the resistance mark of 886 since past few sessions. If it crosses this resistance it may continue its bullish trend in upcoming sessions where traders can get targets of 906 and 936. Immediate support of 856 can acts as technical stop loss for the stock.