Week begun on red note with the Indian Equity benchmark index NSE Nifty Feb Fut opened at 6087.35 and made a low of 5957.25 after breaching of its previous major support level of 5980 in the initial part of the week's trading and later showed some recovery to close at 6078.20 down by 9.15 points and 30 share BSE Sensex index closed at 20376.56.
Nifty Feb Future likely to be traded within the range of 6135 and 5900. Presently it is testing its 200 DMA and trading with an RSI of 48.78. If it sustains above the major support level of 5950 then it may show upside move with the crossing of its resistance level of 6135 and may test the level of 6210 and 6370, while on downside next major support is at 5900.
Stocks to watch on:
* Hero MotoCorp FUT:- Overall trend of the stock is bullish and is trading in short term correction phase. Currently it is trading with the positive bias above its 50 days moving average. It may show recovery above the resistance level of 2015 where longs can get accumulated for the target of 2045; for which one has to keep stop loss at 1987.
Crompton Greaves Ltd FUT:- Major trend of the stock is bullish, and is consolidating with the positive bias from the past few sessions. Further trend continuation is expected above the resistance level of 120. One can take long position in Crompton Greaves fut above 120 for the target of 123 and sl of 117.
By Vivek Gupta, Director Research, CapitalVia Global Research Limited