Markets moved in tight range for most part of the week due to F&O Expiry and bounced in the last session and closed on a strong note. Nifty future on weekly charts took support of 21 day EMA last week and sustained on higher side this week. If the positive momentum continues then in coming weeks major resistance is seen around the trend line as shown in chart above i.e. around 6400. While on lower side, 6000 is seen as the crucial support below which selling pressure is expected. However, index is likely to move in the range of 6100-6280 in the coming week.
CRUCIAL POINT: 6310
WEEKLY MARKET TREND
- India’s Forex reserves jump USD 2.70 bn.
- GDP grows better-than-expected 4.8% in Sept quarter.
- Asian shares edge up; Nikkei posts best Nov since 2005.
- BSE to drop Dena Bank, Vijaya Bank from SLB segment from Dec 2.
- Power Grid FPO to hit mkt on Dec 3; priced at Rs 85-90/share.
[ATTACH=CONFIG]37[/ATTACH]Weekly Stock pick
TATAMTRDVR FUTURE FOUND SUPPORT OF 21 DAY EMA ON DAILY CHARTS AND IS EXPECTED TO CONTINUE BULL RALLY AND CROSS ITS ALL TIME HIGHS.
BUY ABOVE 211.80 TARGETS 221-232. MAINTAIN SL OF 198.Weekly Stock Calls
ARVIND BUY ABOVE 130 TARGETS 133-136 SL 125.
FEDERALBANK BUY ABOVE 80.50 TARGETS 83.50-87 SL 76.FREE 2 DAY TRIAL STOCK CASH TIPS,STOCK FUTURE TIPS VISIT HERE
[Source : WEEKLY EQUITY TECHNICAL REPORT 02 DECEMBER TO 06 DECEMBER 2013