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Market Commentary
Overall trend of Nifty March Futures is still looking bullish on charts - CapitalVia Global Research
Posted On : 2014-03-15 10:33:24( TIMEZONE : IST )
Mr. Vivek Gupta – Director Research - CapitalVia Global Research Limited
Week begun on a green note with the Indian Equity benchmark index Nifty Mar Fut opened at 6525 and was trading at its highs, but unable to sustain at higher levels it tumbled down. On the last day of the weekly trading session index fell sharply tracking the weakness in Asian markets and subdued sentiment as Ukraine concerns resurface. All eyes were set on the Wholesale prices-based inflation which was eased to a nine-month low of 4.68% in February. Nifty mar Fut closed 6537 on a flat note and 30 share index sensex closed at 21797
Overall trend of Nifty Mar Fut is still looking bullish on chart trading above 200 & 50 days MA with an RSI of 63, IT is currently into its correction phase further if it sustains above the level of 6590 and manages to cross its next resistance mark of 6600 further upmove can be expected & traders can expect a target of 6720 & 6845 in near term; while on down side it has good support of 6435 only below this level further shorts can be seen
Stocks to watch on:
BAJAJ AUTO FUT:- Overall trend of the stock is upfrom past sessions, but technically it has given some correction and is verywell sustaining below its falling trendline and taking support from its 10 and 50 days moving average. If stock manages to cross its trendline further trend continuation i.e more upside move can be seen .Thus one can take long position in BAJAJ AUTO fut above the level of 2002 for tgts of 2025 with sl of 1985
JUSTDIAL IN NSE CASH :- Major trend of the stock is bullish and currently it is sustaining above its support mark of 1580. Further the stock is managing to trade above its 50 days moving average. In upcoming sessions it is likely to continue its bull run above resistance level of 1642. Traders can take long position in the stock above mentioned resistance level for the target of 1704, with the stop loss of 1580.
