Equity market outlook for week starting January 6, 2014 - Mr. Vivek Gupta – Director Research - CapitalVia Global Research Limited

Bear's were in the charge throughout the week, Nifty Jan fut tested its 6400 mark and amid of global cues and profit booking it could not sustain at that level and tumbled down sharply and made a low of 6201. INR was also trading at its low at 62.90 mark that too fueled the bear party. Nifty Jan Fut closed at 6258 down by 114 bps and Sensex closed at 20882.

For next week Nifty Jan Fut can show correction as technically it is looking strong on charts, and on week's last trading session it tested its rising trend line and reversed giving closing in green. Thus in coming session if it manages to cross its resistance level of 6270 it can test the levels of 6380 and 6455. It's important Support level to watch is 6180, breaching of this can take Nifty to 6065 Mark.

Stocks to watch on:

AUROPHARMA FUT: Overall trend of the stock is bullish from past few trading sessions, and in previous week stock was in corrective phase thus now again trend continuation can be expected. Moreover stock has given trend line breakout and is sustaining above it thus one can take fresh buying position above the level of 402 for tgts of 408.

JAINIRRIGATION FUT: overall trend of the stock is weak, Technically stock is very well sustaining in an up channel and downside breakout can be expected. Thus one can go for sell in jainirrigation fut below the level of 68 for tgts of 66.

Source : Equity Bulls

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