Nifty continues secular upside movement - Mr. Vivek Gupta – Director Research - CapitalVia Global Research Limited

Equity market outlook

Week begun on negative note with the Indian Equity benchmark index Nifty Fut opened at 6280 but showed secular upside movement throughout the week .This positive move was led by realty and banking stocks. Nifty Fut closed at 6547.20 up by 257.95 points; after registering an all time high of 6562.95.The 30 share index Sensex closed at 21915.14. Market trend in upcoming trading session will depend upon IIP, WPI and CPI data declaration due next week.

Overall trend of the Nifty future is bullish, In upcoming trading session it may trade within the range and can show correction below the level of 6439 as it is trading with the RSI of 74.96. Major resistance for Nifty future is at 6565.

Stocks to watch on:

NTPC FUT:- Overall trend of the stock is weak from past sessions, but technically some recovery can be expected as it is rounding near its bottom levels, stock is sustaining above its 10 & 50 days moving average and is trading with RSI of 57 thereby giving buy signals. Thus one can take long position in NTPC fut above the level of 117.50 for tgts of 121 with sl of 116.

INDIACEMENTS FUT:- Stock is in recovery phase, it is consolidating near its resistance level from past few sessions, stock is trading with an RSI of 64 further buying can be expected if stock sustains near 59 levels one can take long position in INDIACEMENTS fut above 59.40 for tgts of 60.40 and sl of 58.45.

Source : Equity Bulls

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