Market View for week 23-27 Dec:

Markets are trapped in the expectations and the reality. Nifty is developing s trading range. The trading range is high of 6330 and low of 5970.

The lower support of 5150-5130 is still intact. As we had said the last week, the markets have bounced back from this level. We had given the upper range at 6230, which is decisively crossed by Nifty on Friday closing. Next resistance is at 6330.

We can expect a choppy, range bound market throughout the coming week. F&O expiry on Thursday will add to the choppiness. It would be better to avoid trading in these kind market conditions. 

Recommendations of the week:

TCS: 
Technical Chart of TCS is suggesting that it is going up. Buy TCS near CMP of 2120 for target of 2145 in next 3-4 trading sessions. Maintain stoploss at 2068. Trade this stock for profit potential of 1.2% during the week to come.

UBL (United Breweries Limited): 
UBL has not participated in recent rallies. When market rallied on Friday, UBL has fallen by 2%. One can expect further pressure in UBL. Short Sell UBL near CMP of 768.45. Keep Stoploss at 802. Target would be 720. Trade this stock for profit potential of 4.5% in next 3-4 trading sessions.  

GMR Infra: 
GMR Infra is looking bullish on charts. A big candle on charts suggests that it is ready to move higher. Buy GMR near current price of 23 for target of 23.70. Maintain stoploss at 22.50. Trade this stock for profit potential of 3% in coming week.

For any clarifications on these recommendations , you may mail us on support@bonvista.in

Market View for week 16-20 Dec:

Bears have taken strong control of the market through-out the last week. Market fell consecutively for 5 days.

Nifty has support at in the range 6150-6170. If nifty holds this support on Monday, it is likely to bounce back to intermediate resistance level of 6230. This can happen in 3-4 trading sessions. In a very short term we can expect a small upward move in the week to come.

If this support 6150 is broken on closing basis, we can expect Nifty to move down. The next strong support is in the range of 6090-6110.

However Nifty is in upward momentum in the medium term. Small pullbacks downward can be used as buying opportunities by investors. Traders should use small moves on either side to go long or short. Be stock specific. In these market conditions, earn money on both sides.

Recommendations of the week:

IDFC: Technical Chart of IDFC is suggesting that it is moving further down. Short Sell IDFC near 104 (Future Price) for target of 100. Maintain stoploss at 105.50. Trade this stock for profit potential of 4% during the week to come. 

M&M: Irrespective of weak market conditions  Mahindra & Mahindra has shown strength. Chart is suggesting that it is going higher. Buy M&M near 954-955. Target is 975 and stoploss is 950. Trade this stock for profit potential of 2% during the week. 

TATASTEEL: It has come near support area of 410. Put stoploss near this area. Buy Tatasteel near 418 for target of 430. This gives profit potential of 2.8%.

For any clarifications on these recommendations , you may mail us on support@bonvista.in