WEEKLY EQUITY TECHNICAL REPORT 07 APRIL TO 11 APRIL 2014
Markets closed flat for the week as benchmark indices mainly consolidated in a range although hit record highs. Nifty future was unable to surpass the psychological resistance mark of 6800 and profit booking was mainly seen around higher levels. It seems that markets may consolidate a bit as mood remains still positive. Fresh breakouts are expected if it holds above 6800 and on lower side support is seen around 6650. Key events for the week ahead are IIP data on Friday and political domestic cues.
CRUCIAL POINT: 6800
NIFTY WEEKLY :
WEEKLY MARKET TREND:
- Weekly wrap: Indices end flat; investors book profits post record highs.
- Wall Street dips as momentum stocks drag; Nasdaq slumps.
- NMDC, SAIL plan big capex of around Rs 13000cr for FY15.
- Liberty shoes merges subsidiary; eyes 40% turnover growth.
- Natco Pharma shares up after Teva’s Copaxone plea is rejected.
Weekly Stock pick:
BHARATFORGE FUT HAD BEEN RUNNING IN A BULL RALLY AND MAY EXTEND TO MORE GAINS IF GIVES A POSITIVE BREAKOUT.
BUY ABOVE 433.65 TARGETS 444-455. MAINTAIN SL OF 419.
Weekly Stock Calls:
ARVIND EQ BUY ABOVE 182.80 TARGETS 189-.50-197 SL 172.
SSLT BUY ABOVE 194 TARGETS 202-212 SL 182.