Market View For Week 30 June-4 May
This is disappointing market for traders. Of course
markets are not in our control. We have to follow what it offers
us.Since last two weeks we have been saying that markets are in
consolidation. This is expected to continue in the week to come. Last week high was 5693 and low was at 7441.
Technical Overview: The Doji pattern on weekly chart hints at equal fight between
bulls and bears. Nifty is still holding our support level of 7450 by
closing above this level. A consolidation is evident on daily and Weekly
charts. This consolidation is a preparation for big move. In a week or two we can experience a big move either side.
Short Term (Few days to a Week) : The support level given in this letter the last week are still intact. However this support has become weak and can be broken. The markets may remain choppy. The end of coming week might hint at the upcoming direction. Support at short term is between 7436-7400. Resistance is in range of 7570-7585. Intraday traders will get some opportunities. Swing traders should hold for the time being
Medium Term (Few weeks to a month): Nothing much has happened during last week. Nifty need to correct for healthy up move. However this correction may not come immediately. The strong support if this correction comes is at 7000.
Long Term (Few months to Year): Bullish view is maintained. We may experience unprecedented investment opportunities in year/s to come. Every dip is buying opportunity for long term investor.
Nifty Trading View: Trade Nifty based on intraday charts to catch only small moves till it give clear indication of the direction. This trading can be difficult as well as frustrating.
View on Sectorial Indices:
It has broken resistance and is offering buying opportunities. Pharma, IT, FMCG, Infra and Media are bullish and are offering buying opportunities.
Bank Nifty is consolidating with negative bias. This is expected to continue for the week to come.
Wait and watch is maintained on all other indices.
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Recommendations of the week:
DABUR (Buy) - Buy Dabur near Cmp of 186 for target of 190. Maintain stop loss at 183
GLENMARK (Buy) - Buy Glenmark Pharma at CMP of 569.65 for target of 584. Maintain stop loss at 564
INFY (Buy) - Buy Infosys near CMP of 3223 for target of 3290. Maintain Stop loss at 3160
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