Markets last week resisted near their crucial points in starting of week and dropped sharply on Thursday which was recovered in next session to close the week on a flat note. Nifty future on daily charts is facing stiff resistance near 100 day EMA of 6130 and closing above this can only indicate short term bullishness where 6240 may act as strong resistance. On lower side, 5950 is seen as crucial support below which bears may attack indices. Event to be seen ahead to affect market volatility is Vote On Account on Monday.
NIFTY WEEKLY :
WEEKLY MARKET TREND:
Weekly wrap: Falling inflation helps limit Nifty losses; IT, auto gain.
Wall St ends higher; indexes up for second straight week.
Jan WPI inflation falls to 8-month low of 5.05%.
Bajaj Auto shares fall on proposed Egypt import ban.
Bharti Airtel acquires prime spectrum for Rs 185.3 bn.
Weekly Stock pick:
DLF IS CONSOLIDATING AROUND THE UPPER BAND OF CHANNEL PATTERN WHICH IS EXPECTED TO GIVE POSITIVE BREAKOUT.
BUY ABOVE 146 TARGETS 151-157. MAINTAIN SL OF 139.
Weekly Stock Calls:
RECLTD BUY ABOVE 192.70 TARGETS 197-202 SL 186.
SUNPHARMA BUY ABOVE 625 TARGETS 635-645 SL 611.
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Source : Trifid Research