Q4 results, IP data will drive market in coming week : CapitalAim

Mr. Manish Yadav, Head of Research, CapitalAim

The Benchmark Nifty50 traded a lacklustre trade from starting of the week. Every dip was used as a buying opportunity for many traders. Every time market corrects, buying initiated from lower levels. Traders are awaited of CPI and IIP data on the evening of Friday. Nifty survived well above 11550 level and open up at the upper range of 11550 to 11750 in the days ahead.

The rally in Benchmark Indices subdued due to the first phase of Lok-Sabha polls begins. The benchmark gains a marginal upside in intraday trade on Friday's session. Traders and Investors mood was cautious as the polling began in 91 constituencies spread across 18 states and 2 union territories in the first phase of the general election.

On Friday market, Benchmark Nifty gain almost 46.75 points or 0.40% at 11643. As the IT majors TCS and Infosys out with their better than expected Q4 results. Profit and Revenue of companies rise then market expectations, but guidance plays a vital role in stock performance in the future. However, TCS reported better than expected results compared to Infosys. A strong order book of TCS took stock price higher on the Monday trading session against Infosys. We expect a decline in Infosys stock price on Monday session because of poor guidance. If the Benchmark will cross its all-time high or well above 11800 it should move towards 12000 or 12200 levels.

Next week has less number of trading sessions as on Wednesday we have Mahavir Jayanti, a trading holiday occurs. People should watch WPI Inflation numbers on Monday. Fridays is also an International holiday as Good Friday will fall. On the global front one should keep an eye on Chinese GDP and Industrial Production data on Wednesday, along with OPEC Meeting regarding crude oil production cut.

Stock Future recommendations:

MC-DOWELL : BUY| Above : Rs 560| Target: Rs 580| Stop loss: Rs 545|

Mc-Dowell was breakout from a falling trend on daily chart with good consolidation on downside. Volumes are also rises on the lower side.

CIPLA : BUY| Above : Rs 560| Target: Rs 580| Stop loss: Rs 540|

CIPLA if crosses 560 level with rises volumes can achieve 580 level easily. A consolidation breakout above 560 may happened in coming days.

UBL : BUY | Below : Rs 1445| Target: Rs 1490 Stop loss: Rs 1410|

UBL is forming higher top higher bottom on daily charts along with uptrend. Can resume it's uptrend in upcoming days.

Source : Equity Bulls

Keywords