Equity market outlook: Nifty June Future looking bullish; BHEL, Dish TV eyed

Posted online: Sunday, Jun 01, 2014 at 0000 hrs
Unable to sustain at higher levels, Nifty May futures tumbled down and weakness continued ahead of May contract expiry. On last day of the weekly trading session Nifty jun future traded with negative sentiments and closed at 7230.

Nifty June Future is further looking bullish on chart, as mentioned in our previous report that every 20-30 points dip in Nifty is buy. We suggest traders to adopt same strategy again. Currently Nifty is in correction phase at 7280-7340 levels , if it manages to cross 7345 levels further upside movement can be expected and Nifty can test the levels of 7435 and 7525 on downside if nifty June fut breaches its major support level of 7205 further it can test levels of 7065 onshort side

Stocks to watch on:

BHEL FUT SHORT-Stock is currently in its corrective phase, It is trading below its 10 and 50 days moving averages, and is testing its major support zone of 241-242, if stock manages to breach this support zone one can go short below 241 for tgts of 233 and 225 with a strict SL of 245

DISHTV FUT BUY -Overall trend of dishtv fut is bullish, and stock is trading with positive sentiments above its 10 and 50 days moving average, if stock manages to cross important resistance level of 52.80 one can take long positions for targets of 53.20 and 54 with a strict SL at 52.20

By Vivek Gupta, Director Research, CapitalVia Global Research Limited