WEEKLY EQUITY TECHNICAL REPORT 09 NOVEMBER TO 13 NOVEMBER 2013
Markets moved indecisively last week and could not move in a particular direction and closed on a flat to positive note. In the coming week market is likely to be affected by domestic political cues and hence much volatility is expected. Nifty future on weekly charts is expected to test the trend line acting as strong resistance of 6400 and sustaining above which may lead to new highs. While on lower side, major support from current levels seen is 6180. Key events apart from election results are IIP & Inflation data.
CRUCIAL POINT: 6400
WEEKLY MARKET TREND
- Sensex ends slightly higher; Bank Nifty surges over 4%.
- Wall Street jumps on jobs; Dow, S&P end lower for the week.
- US jobless rate falls to 5-year low of 7 per cent in November.
- Tata Sons plans to raise at least Rs 3 billion via bonds.
- Sale of Power Grid gets bids for 6.7 times stock on offer.
Weekly Stock pick
HDFCBANK FUTURE ON WEEKLY CHARTS HAD FACED CONSTANT RESISTANCE AROUND TREND LINE WHICH SEEMS TO GIVE A POSITIVE BREAKOUT.
BUY ABOVE 695 TARGETS 715-735. MAINTAIN SL OF 669.
Weekly Stock Calls
HCLTECH BUY ABOVE 1140 TARGETS 1165-1190 SL 1105.
LICHSGFIN SELL BELOW 202.50 TARGETS 199-195 SL 208.