Market forecast: For NSE Nifty, 8,060 eyed; NSE FRL, SPIC are 'buy'

Aug 29 2014, 11:50 IST
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SummaryKey benchmark index ( Nifty August Future) edged higher in early week's trading and scaled record high of 7979...

Key benchmark index ( Nifty August Future) edged higher in early week's trading and scaled record high of 7979, but could not sustain at the higher level, Throughout the week it swung between positive and negative zone in tight range of 7980 and 7870. On the last day of week's trading it remained choppy due to expiry of F&O contracts. Nifty August Future gave closing at 7955 above the psychological level of 7900.

In near term market movement is likely to be dependent on first quarter GDP numbers to be released on 29th August 2014.

Major trend of the Nifty future is still bullish, Last week it traded in tight range, Currently it is managing to sustain above it's crucial support level of 7860, breaching of this level can result in correction in Nifty September Future series and it may test the level of 7700 ; while on the other side if it manages to cross the resistance level of 7980 it may move upward till the level of 8060.

Stock Recommendation:

FRL BUY

The stock is trading sideways on charts, from the last few trading session it is sustaining with the positive bias and above its above 200 days moving average. Fresh buying can be expected in the stock with the crossing of its resistance level of 125 where longs can get accumulated for the target of 130,135. Support is at 120 which will act as stop loss for the stock.

SPIC BUY

It is trading in range with the positive bias. Also it is sustaining above its 200 days moving averages with the RSI of 48, which indicates that crossing of its resistance level of 22 can result in upside movement in the stock. Support is at 20.90 which will act as stop loss for the stock. One can expect the target of 23.10 and 24.20 in coming trading sessions. By Rohit Gadia Ė Founder & CEO, CapitalVia Global Research Limited

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