TECHNICAL ANALYSIS: Index Outlook: Approaching a barrier
Indian equities tumbled last Monday. But they were not alone. Other global equity and commodity markets declined on that day too. And the reason…. hike in policy rates by Indian Central Bank. Just goes to show the growing clout of India ...
STOCKS: Andhra Bank: Buy
STOCKS: Welspun Gujarat Stahl: Buy
Investors can consider buying shares in steel pipe maker, Welspun Gujarat Stahl. The price of Rs 277 gives the company a price earnings of 11.3 times the trailing four ...
STOCKS: Petronet LNG: Hold
Petronet is a key player in the fast growing natural gas market of India and has had a decent run over the past ...
STOCKS: Lumax Industries: Buy
Lumax Industries, maker of automotive lighting systems, is a beneficiary of the 30 per cent growth in automobile production so far this fiscal. Investors with a two-year perspective can consider buying this stock at Rs 173. The price ...
STOCKS: KSK Energy: Hold
Shareholders with a high risk appetite and long-term horizon can continue to stay invested in the KSK Energy stock. KSK Energy now develops and operates small (captive) power projects but is set to enter the big league with more than 10,000 MW ...
TECHNICAL ANALYSIS: Pivotals: Reliance Industries (Rs 1,099)
RIL moved to the intra week low of Rs 1,068 on Monday before inching higher in the next three sessions to close 1 per cent higher. The stock is moving sideways since June 2009 and an ascending triangle pattern is being formed on the weekly ...
TECHNICAL ANALYSIS: Sizzling stocks: Valecha Engineering (Rs 147.8)
Valecha Engineering raced 18 per cent higher on Thursday and topped it with another 20 per cent gain on Friday. This upsurge has helped the stock break out of the sideways range between Rs 90 and Rs 125 within which it was moving since ...
TECHNICAL ANALYSIS: Query Corner: Descending triangle in Reliance Industrial Infra
I am holding shares of Andrew Yule and Company bought at Rs 61. Please advise whether I can hold this stock for one ...
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Wkly Tech Analysis: Nifty likely to hit 5,350">
Wkly Tech Analysis: Nifty likely to hit 5,350
Smart gains in the last two trading days of the week helped the markets maintain its winning streak for the seventh straight week. The markets started the week on a cautious note as a mid-week holiday and the derivatives expiry weighed on the sentiment. However, some short-covering on Thursday coupled with fresh buying on Friday ensured weekly gains.
The Sensex touched a low of 17,337 early in the week. However, it rallied to a high of 17,683, and finally settled with a gain of 67 points at 17,645. The index is now just 150 points away from its recent January high, above which it will soon be at a fresh 25-month high.
In the week under review, HDFC Bank was the major gainer among the Sensex stocks. The stock gained 7 per cent at Rs 1,948. Sun Pharma, Hindustan Unilever, ONGC and Hero Honda rallied 2-4 per cent. On the other hand, DLF shed 5.5 per cent at Rs 295. Tata Motors, ACC, HDFC, Maruti and Jaiprakash Associates declined 2-4 per cent.
Next week, the markets are likely to start on a positive note given the momentum. However, once at fresh highs, some amount of profit-taking is expected, as the rally too has now been seven weeks old.
The Sensex may face resistance around 17,850-17,950, while it is likely to find considerable support around 17,500-17,430.
The NSE Nifty moved in a range of 107 points, from a low of 5,187, the index rallied to a high of 5,294. The index finally settled with a gain of 11 points at 5,274. The index has surged 516 points in the last seven weeks.
Next week, the index may face resistance around 5,340-5,350, while it may seek support around 5,230-5,205.
The short- and the medium-term trends are fairly bullish. The intermediate trend may turn negative only on a fall below 5,055. The momentum indicators too are positive, barring the Stochastic slow, which is a slight worry for it has made a lower high in the second leg.
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Src: Economictimes, Business-standard, DP blog etc