Market View for week 5-9 May:
We have seen correction (Small downward movement) from 6870 to 6650. This is almost 200 points from all time high. We had said that markets have mild support at 6640. Markets are still holding on to this level.
The question is whether this correction over? Well we do not know, for sure. But, looking the way markets rallied from 6000 to 6800, I feel the correction can be deeper than current levels. We may see lower levels. Before moving further down market may see a small pullback. The resistance comes at 6790. The strong support emerges in the range of 6530 and 6430.
Long term trend is up. However for short term we may see some slide.
Lot of choppiness is expected in due to mega event of the election results. Long term investors should look to buy on deeps. Many Mid Caps are available at attractive valuations.
Traders should try to take advantage of small moves. During times like this (high volatility expected) the portfolio should be hedged. Traders can build short term Sell positions. But these positions should be hedged with some long calls.
View on Sectorial Indices:
IN coming week, IT can seem some upward momentum. Very short term buying can be done in stocks like TechMahindra, Wipro, TCS, HCLTEch. Bank Nifty is facing resistance at 13224-13415. PSU Banks are looking good.
Metals are in for a deeper correction. We can see furthter slide in Metals in coming week.
To receive this Newsletter by email drop us a mail on bonvistaplanners@gmail.com
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.
For any clarifications on these recommendations , you may mail us on bonvistaplanners@gmail.com
We have seen correction (Small downward movement) from 6870 to 6650. This is almost 200 points from all time high. We had said that markets have mild support at 6640. Markets are still holding on to this level.
The question is whether this correction over? Well we do not know, for sure. But, looking the way markets rallied from 6000 to 6800, I feel the correction can be deeper than current levels. We may see lower levels. Before moving further down market may see a small pullback. The resistance comes at 6790. The strong support emerges in the range of 6530 and 6430.
Long term trend is up. However for short term we may see some slide.
Lot of choppiness is expected in due to mega event of the election results. Long term investors should look to buy on deeps. Many Mid Caps are available at attractive valuations.
Traders should try to take advantage of small moves. During times like this (high volatility expected) the portfolio should be hedged. Traders can build short term Sell positions. But these positions should be hedged with some long calls.
View on Sectorial Indices:
IN coming week, IT can seem some upward momentum. Very short term buying can be done in stocks like TechMahindra, Wipro, TCS, HCLTEch. Bank Nifty is facing resistance at 13224-13415. PSU Banks are looking good.
Metals are in for a deeper correction. We can see furthter slide in Metals in coming week.
To receive this Newsletter by email drop us a mail on bonvistaplanners@gmail.com
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.
For any clarifications on these recommendations , you may mail us on bonvistaplanners@gmail.com
No comments:
Post a Comment