Saturday, April 26, 2014

Market View for week 29 Apr-2 May:
Last week we had suggested to start booking profits in long positions. Yesterday, the last day of week markets have seen a sharp correction. After touching intraday high of 6870 markets closed near of low of the day at 6783
In coming week/month we may see lot of volatility in market. As we get closer to election vote counting date, markets will tend take frequent Rollers Coaster rides. Prices in individual stocks may experience price fluctuations. While there is no change in trend, Traders need to be cautious during this period.
The long term trend is up. How ever we can see a correction for week/s to come. The weekly and daily patterns of charts are suggesting that. Traders can build very short term Sell positions or wait patiently for the correction to get over and then buy on deeps.
The resistance comes at 6820 and next (mild) support levels are at 6775 and 6640. Major support comes at 6532


 View on Sectorial Indices:
Last week Auto and Metal sectors have seen nice appreciation. For coming week my picks are Pharma and Media sector. You may be a buyer in stocks like Dr Reddy, Sunpharma, Aurobindo Pharma, Ranbaxy and Glenmark, Zee and Suntv
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Recommendations of the week:
ACC: ACC is facing strong resistance in 1350-1400 area on weekly chart. Cmp is at 1310. We recommend to sell ACC when trading at 1335-1350 for target of 1280. Maintain Stoploss at 1370.

Bata: Bata is trading near its support. Buy Bata near 1085 for target of 1140. Maintain stoploss at 1055

Mcleod Russel: Mecleod Russel found support at 267. Currently it is trading at 284. Buy this stock when trading near 275-250 level for target of 288. Maintain stoploss at 275

Following is the short term view on few stocks:
Bullish: Allahabad Bank, Dr Reddy, Zee, Yes Bank, UPL
Bearish: Asian Paint, Grasim, Adanipower.
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Thursday, April 17, 2014

Last week we had said that there is no reason to worry about small corrections. The markets have bounced back from the support of 6650 as mentioned in our last post. Today (17th April) 'Bulls' have proved the their strength once again. The markets(Nifty) rallied up by 104 points to close at 6779.  
The resistance at 6820 is yet to be broken, but should be an effortless job for markets. 
We have F&O expiry in coming week. We expect the markets to remain cheerful throughout the week. However there would be profit booking on Wednesday and Thursday. Hence the markets can be choppy on these 2-3 days. 
If you hold a position in Nifty Futures (assuming that you would have bought index during the dip), start booking profits Monday onward.                                                                                                                         
Nifty Daily Chart

 View on Sectoral Indices: For the week to come we have positive view on FMCG, Auto and Metal sectors. Look for buying opportunities in some stock from these sectors. To name few- you have trades in Hindunilever, ITC, M&M, Heromotocorp, Bajaj Auto, SSLT, JSWSteel etc. 
I will upload the stock specific recommendations by tomorrow(18th April). 
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