Week begun on a flat note with the Indian Equity benchmark index Nifty April Fut opened at 6810†and was trading flat, towards the last day of weekly session Asian markets except for Japan were trading lower as the emerging crisis in Ukraine continued to weigh on market sentiment which bought the markets to the weekly lows and gave a closing at 6825. major results for D-Street this week were ICICI bank, HDFC bank, RIL etc.
Overall trend of Nifty April Fut is still looking bullish on chart trading above 200 & 50 days MA with an RSI of 70, It is currently†trading with flat note, but if it sustains above the level of 6895 and manages to cross its next resistance mark of 6925 further upmove can be expected & traders can expect a target of 7135 and 7265 in near term; while on down side it has good support of 6795 only below this level further shorts can be seen
Stocks to watch:
GMR INFRA FUT:- Overall trend of the stock was bearish, but from past few sessions stock is rounding off near its bottom levels and on long term charts too trend reversal confirmation can be observed, stock is trading above its 10 and 50 days moving average if stock manages to cross its resistance level of 26.30 tgts of 28 and 30 can be expected in near term, Strict SL to be maitained lies at 25
JAINIRRIGATION FUT - Stock is in recovery phase and is trading with strong positive sentiments, one can go buy in this stock if it manages to cross the important mark of 75.05 for tgts of 77 and 79 with strict sl at 75
By Vivek Gupta, Director Research, CapitalVia Global Research Limited