Indian stock markets remained choppy as full focus was on the derivative expiry on Thursday, Indian rupee movement against the US dollar amid other global cues.
Nifty Dec Fut started its journey with bullish sentiment, it managed to hit 6383 mark and closed at 6370 on a positive note with the gain of 77.85 bps led by the Indian rupee getting stronger at 62.30 per US dollar.
For next week Nifty Jan Fut can manage to show some bull run as technically it is looking strong on charts, and is forming broadening pattern, it is sustaining above its 10 and 50 days moving average giving further indication for upside movement. If Nifty Jan Fut manages to cross it major resistance level of 6385 it can test the levels of 6455 and 6520. Its important support level to watch is 6265, breaching of this can take Nifty to 6145 Mark.
Stocks to watch:
RANBAXY FUT:- Technically stock is looking very strong on charts, its overall trend is up, it is forming a pennant pattern on its daily chart there by indicating trend continuation in upcoming sessions, and more over stock is sustaining above its 10 and 50 days moving average. One can take fresh long positions in Ranbaxy fut long above 475 for target of 482
SSLT FUT:- Technically stock is looking strong on charts, it is very well sustaining above its rising trendline, thus further upward movement can be expected in it. One can take fresh long position above the level of 210 for target of 215.
By Vivek Gupta, Director Research, CapitalVia Global Research Limited