Equity market outlook for the week starting January 13, 2014 - Mr. Vivek Gupta - Director Research - CapitalVia Global Research Limited

Bear's continue to rule the market this week too, continued their previous weeks fall and tested the support level of 6140, Nifty Jan fut was bearish throughout the weekly session, on the last day of the week slight recovery was seen which vanished towards the session end and Nifty jan Fut closed in red at 6180, INR was trading at 62.05 mark that too fueled the bear party. 30 share index Sensex closed at 20751.

Technically overall trend of Nifty Jan Fut is up but has recently breached its rising trendline and is very well sustaining below that indicating slight reversal thus if Nifty Jan Fut manages to breach its nearby support level of 6140 further downward rally can be seen that can take Nifty fut to 6040 marks and next support level to watch is 5980. On upside major resistance level to watch is 6300 crossing of this level can take nifty to 6400 mark.

Stocks to watch on:

TATAPOWER FUT: Technically stock is looking weak on chart, it is sustaining on its rising trendline if it manages to breach its trendline steep fall can be expected. Thus one can go for sell position in Tatapower fut below the level of 79.60 for tgts of 76.

IDEA FUT:- overall trend of the stock is strong, Technically stock is moving in a slanting pattern thus upside breakout can be expected, moreover it is sustaining above its 50 days moving average. One can take long position in IDEA fut above 164.35 for tgts of 168.

Source : Equity Bulls

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