Equity market outlook: NSE Nifty target 6420, if next resistance mark crossed

Jan 17 2014, 19:45 IST
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WPI inflation number fuelled the upside momentum to lead Nifty above 6300 mark. Reuters WPI inflation number fuelled the upside momentum to lead Nifty above 6300 mark. Reuters
SummaryNSE Nifty witnessed a stellar rally on the back of strong global cues and fall in inflation data.

The Indian equity benchmark index NSE Nifty witnessed a stellar rally on the back of strong global cues and fall in inflation data which led hope that RBI will hold key interest rates. WPI inflation number fuelled the upside momentum to lead Nifty above 6300 mark. Nifty Jan fut gave weekly closing in green at 6272 up by 92bps and 30 share index BSE Sensex closed at 21063 up by 312bps

Overall trend of Nifty is still looking bullish on chart trading above 200 & 50 DMA with an RSI of 54, if it manages to cross its next resistance mark of 6360 further upward movement can be expected and traders can also expect a target of 6420 & 6480 in near term; while on down side it has good support of 6140 only below this level further shorts can be seen

Stocks to watch:

JPASSOCIATES FUT:- Technically stock is looking weak on chart, it is sustaining on its rising trend line if it manages to breach its trend line steep fall can be expected. Thus one can go for sell position in JPASSOCIATES fut below the level of 46.80 for target of 45.80

SSLT FUT:-overall trend of the stock is strong , is further looking bullish on charts and is sustaining above its 10 and 50 days moving average . One can take long position in SSLT fut above 203.65 for targetsof 207.

By Vivek Gupta, Director Research, CapitalVia Global Research Limited

NOTE: The views expressed are those of the author.

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