- Created: Wednesday, 15 April 2015 17:28
Nifty gave positive opening and extended its previous week’s rally to close at highest level in four weeks getting boost from positive global markets, global credit rating agency Moody's Investors Service raised India's credit rating outlook to positive from stable and commercial banks reducing their lending rates to benefit the end consumers. Market breadth indicating the overall health of the market was positive. Broad based buying was seen across the board led by banking, financials, infrastructure, Telecom and mid cap stocks.
Nifty gave closing at 8811.45 with weekly gains of 178.35 points.
Technically, trend of Nifty in short term is up; however it is expected to face strong resistance around the levels of 8600 – 8650 as it is also the retracement level of 61.80% of the recent fall and trade in a range of 8600 - 8850 levels. Next important resistance is at 9000 level while with the breach of its support level of 8600, some more corrections can be seen till 8450 level.
WPI and CPI inflation numbers for March 2015 have been announced this week, which will play a crucial role for deciding market trend in near term.
Stock-specific action will be seen as Indian companies start announcing their earnings for the quarter ended 31 March 2015 in the coming week.
Trend in global markets, investment by foreign portfolio investors (FPIs), the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in the near term.
BUY TATACHEM IN NSE CASH ABOVE 458 WITH SL OF 446 TGT 470,478
After showing correction from the higher level, now stock is trading in short term recovery phase, it is likely to continue the upside move in near term with the crossing of the resistance level of 458 as the stock is managing to sustain above the level of 458. One may get the targets of 470,478 in the stock with the stop loss of 446.
BUY SSLT IN NSE CASH ABOVE 204 WIT SL OF 194 TGT 214,220
It is looking weak on charts however it is accumulating above its major support level and recently has given breakout of its previous major resistance level, now it has next resistance at the level of 214; it is likely to experience fresh buying with the crossing of mentioned level, where one may keep the targets of 214,220 in the stock with the stop loss of 194.
SELL SIEMENS FUT BELOW 1442 WITH SL OF 1462 TGT 1422,1410:
The stock is in bull run and is forming a reversal pattern in short term charts, it is likely to show correction with the breach of the support level of 1442, where one may initiate the short position in it for the targets of 1422, while stop loss can be placed at 1462.
BUY BHARARTFORGE IN NSE CASH ABOVE 1350 WITH SL OF 1300 TGT 1400,1425
Primary trend of the stock is bullish and is consolidating at the higher level after showing correction. It is expected to continue the bull run with the crossing of the resistance level of 1350, as the stock is sustaining above its 200 and 50 days moving averages. One may initiate the long position above the mentioned level for the targets of 1400 and with the strict stop loss of 1300.
BUY TVSMOTORS IN NSE CASH ABOVE 259 WITH SL OF 247 TGT 271,280
The stock is showing correction since past few sessions and also sustaining above lower trend line support level. Currently it has formed reversal pattern on the short term charts and trading below the resistance level of 259.Breakout of its resistance level may show recovery in it where traders can expect targets of 271 and 280 while major support of 247 can be placed as technical stop loss.