WEEKLY EQUITY TECHNICAL REPORT 10 MARCH TO 14 MARCH 2014
Markets hit record highs with weekly gain of around 4% led by strong global cues and aggressive buying by FIIs. Nifty future on daily charts gave breakout of downward channel pattern and closed above 6500. Breakout of this channel may take it towards the next crucial resistance of 6650.However, profit booking is expected at these higher levels and IIP and Inflation data in the coming week may result in volatile movements due to which some correction may occur where index may find strong support around 6400-6360.
CRUCIAL POINT: 6650
NIFTY WEEKLY :
WEEKLY MARKET TREND:
- Sensex sets another record closing high, Nifty above 6500.
- S&P 500 ends at another record after strong jobs data.
- FTIL appoints JM Financial to facilitate stake sale in MCX.
- Justdial’s officials sell 4,506 shares worth Rs 76.33 lakh.
- Reliance MediaWorks’ promoters make delisting offer.
Weekly Stock pick:
HDFCBANK FUTURE ON WEEKLY CHARTS CONSOLIDATED AROUND ITS RECORD HIGHS AND IS EXPECTED TO GIVE A POSITIVE BREAKOUT.
BUY ABOVE 727.25 TARGETS 748-770. MAINTAIN SL OF 705.
Weekly Stock Calls:
BATAINDIA BUY ABOVE 1091 TARGETS 1110-1130 SL 1065.
HDFC BUY ABOVE 870 TARGETS 882-895 SL 853.