- Created: Monday, 27 October 2014 11:00
Nifty Future begun the week with the gap up opening after the election result declaration where BJP got majority in Hariyana & emerged as a single party in Maharashtra. It continued to trade firm in later week's trading. Festive buying has led to a surge in Auto and Consumer Durable stocks with both the sectoral indices rising the most along with Capital Goods and Healthcare indices. Nifty October Future shut shop at 8020 with the net weekly gain of more than 200 points.
Last week nifty managed to cross the immediate resistance level of 7960 and given closing above the psychological level of 8000. In near term if it sustain above its support level of 7860 then with the crossing of its resistance level of 8084 it may continue its bull run. Trend in global markets, Q2 results of India Inc., investment by foreign portfolio investors (FPIs), the movement of rupee against the dollar and crude oil price movement will dictate near-term trend on the bourses in the forthcoming week.
Events to watch in upcoming weeks:
- 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.
- Market is likely to remain volatile ahead of expiry of F&O contracts next week.
- HUL, Lupin, Ranbaxy, Dr. Reddy, Grasim, Oriental Bank, Sesa Sterlite ,Dish Tv, Tech mahindra, ACC, Ambuja Cements, Allahbad bank, Union Bank, NMDC, NTPC, JSW Energy, Karnataka Bank will declare their Q2 earnings next week.
- FOMC ( Federal Open Market Committee) next undertakes a monetary policy review at a two-day meeting on 28-29 October 2014.
BUY ASHOKLEY IN NSE CASH ABOVE 45.20 WITH SL OF 44 TGT 46.40,47.60
The major trend of the stock is bullish and is forming a continuation pattern on daily charts . It is sustaining above its 50 & 200 DMA with the RSI of 49, in near term it is likely to continue the trend with the breakout of the pattern. Traders can take long position with stop loss of 44. One can expect the target of 46.40.
BUY PHILIPCARB IN NSE CASH ABOVE 120.60 WITH SL OF 112 TGT 129.20,137.20
The stock is accumulating after showing correction from the level of 147.65. It is trading in range with the positive bias and sustaining below the resistance level of 120.60. It is also sustaining above its 50 and 200 DMA with the RSI of 56 on long term charts and is likely to continue bull run above the level of 120.60. Traders can take long position in the stock for the target of 129.20. Support of 112 will act as stop loss for the stock.
BUY TATAMTRDVR IN NSE CASH ABOVE 326.30 WITH SL OF 313.30 TGT 339.30,349.30
Primary trend of the stock is bullish and is forming a reversal pattern in short term. It is likely to show recovery after recent corrective movement with the crossing of its resistance mark. It is trading above its 200 DMA with the RSI of 42. One can buy the stock for the target of 339.30. Stop loss for the stock will be at 313.30
BUY RAMCOCEM IN NSE CASH ABOVE 317.50 WITH SL OF 301 TGT 334,344
The stock is trading sideways from the last few trading session and is sustaining above its 200 DMA with the RSI of 52. In forthcoming trading session, it is likely to continue its upside rally with the crossing of its resistance level of 317.50. One can initiate the long position in the stock above the resistance level for the targets of 334. Support is at 301 which will act as stop loss for the stock.
BUY SUNPHARMA IN NSE CASH ABOVE 816 WITH SL OF 791 TGT 841,866
The stock is trading in range with the positive bias from the last few trading session. It is sustaining above the 50 DMA with the RSI of 52. The stock is likely to show an upside rally with the crossing of its resistance mark, where longs can get accumulated for the targets of 841. Support of 791 will act as technical stop loss for the stock.