Equity market forecast: NSE Nifty may test support level of 6,685

May 02 2014, 19:03 IST
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SummaryKey benchmark indices settled marginally lower amid a choppy trading session during last week.

Key benchmark indices settled marginally lower amid a choppy trading session during last week. The barometer index, the S&P BSE Sensex, was provisionally down 25.53 points or 0.11% on last day of weekly session. Most metal stocks declined for the whole weekly trading session and Tata Steel was was one stock which under performed during the week. While IT stock are now showing the sign of recovery. Where most of the stock traded in positive territory.China showed signs of economic weakness during the first quarter which can hit the investor sentiments in Asian markets.

Overall trend of Nifty April Fut is still looking bullish on chart trading above 50 days MA , It has traded with negative sentiments throughout the weekly session and sustaining above its major support of 6685. Nifty may test support level of 6685. One can hold the position in it with strict stop loss of 6680 and tgt of 6800.

Stocks to watch:

MRPL:- Overall trend of the stock Is bullish, stock is sustaining at its trend line and if it will be able to give breakout of its resistance level then upside movement can be expected from the stock.stock has resistance level of 61 with cross of which target of 63 can be expected. Traders should place strict stop loss of 59 in the same.

LIBERTSHOE - Trend of the stock Is bullish in daily charts, stock is sustaining at its trend line and if it will be able to give breakout of its resistance level then upside movement can be expected from the stock.stock has resistance level of 181 with cross of which target of 191 can be expected. Stop loss of 171 should be placed for the same.

By Vivek Gupta, Director Research, CapitalVia Global Research Limited

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