The week began on a positive note witnessed a bounce up to 5754 level from where selling emerged. The Sensex ended with a net loss of 2.05% whereas nifty lost 2.28% vis-à-vis the previous week.
Pattern Formation: On the Daily chart,I'm observing that prices are making lower bottom lower top formation which indicates that rally are likely to witness selling pressure. Further I'm observing a spinning top which suggests that prior down trend is losing breath.
Future Outlook: The current price action on the weekly chart clearly indicates that prices are heading towards the lower trendline of the channel. The value of the lower trendline of the channel for current week is in the range of 5400 – 5350 levels. However the spinning top on the daily suggests that a bounce from current level cannot be ruled out. On the upside, 5650 – 5754 may act as resistance for the week. Broadly, I've opinion that a bounce from current level cannot be ruled out. Since the trend remains down, rallies near the resistance levels mentioned above are likely to witnessed selling pressure.
Hence one should adopt cautious approach at current level.
Data Alert From India –
N.A.
Data Alert From Overseas -
German Industrial Production m/m at 3:30 pm
Domestic Stock Specific News –
Govt likely to finalise details of inflation-indexed bonds this month
PM says will welcome Rahul Gandhi any day as prime minister
HC refuses to restrain Glenmark from mfg, sale of Januvia generic
Power secy says state cos' loan recast deadline extended to Jul 31
Bharti moves SC against DoT order banning co's 3G roaming pact
Minister says asked Coal India to continue supplies at 50% to NTPC
Shipping secy says plan to award 30 projects in FY14
HT Media launches weekly business paper in Singapore
AirAsia says got FIPB formal nod for JV with Tatas; to seek licence
Bajaj Auto says will start production of RE60 in FY14
Force Motors sold 1,191 units of LCVs, 1,014 units utility vehicle
Sun Pharma gets US nod for generics of Lunesta, Zithromax injection
Mahindra Holidays adds 75-room Dubai hotel to its network
KPIT Cummins rolls out IT solution for Airports Authority of India
International News -
US Non-Farm Employment Change at 88K vs 268K.
US Trade Balance gap narrowed by 3.4% to $43 billion vs $44.5 billion
US Unemployment Rate at 7.6% vs 7.7%.
Macro Economic Calendar Date
Indian IIP Data 12th April 2013
Indian Inflation Data 15th April 2013
Indian Monetary Policy 03rd May 2013
Indian GDP Data 31st May 2013
Open Interest of derivative segment increased to Rs 77824.28 Cr vs Rs 75489.73 Cr.
FIIs net sellers in index future to the amount of Rs 1106.02 Cr and in index options net buyers to the amount of Rs 367.40 Cr.
Put-Call Ratio at 0.90 vs 0.92. (Bullish).
Levels for Bears
Well.......Today's Below.................5500.00 We may, headed Towards, SERIOUS Kind of CORRECTION, and below that Level, NIFTY FUTURE, may try to hit, 5473.00 and than...5440.00 too in Days to come.......
So....Watch out the Level of 5500.00 , very CAREFULLY
Levels for Bulls
Well.......Today's Above........................5578.00 Continue to Hold long, for a Target of 5630.00 and than...5670.00.......................Above, that Level...BULLS Likely to HIT, that Level, VERY SMOOTHLY........
For current week as per expection market range would b 5400-5750
Resistance – Nifty spot facing Resistance level @5620 level above this level it may go up to @5680 &@ 5750 level.
Support - Support comes for market @5550 level for Nifty spot ; below this level Nifty next support @5480 and @5450 will be the major support for Market.
Weekly Sector Outlook and Stock Picks
Auto sector – Negative this week on low sales; Maruti positive
Capital Goods sector – Down; L&T may gain on value buying
FMCG Sector – Seen firm as cos' Jan-Mar margins seen rising
Cement Sector – Bias negative this week; Jan-Mar earnings eyed
IT Sector - In thin band this week before Jan-Mar earnings
Oil Sector –Marketing cos seen rangebound, RIL up this week
Steel Sector – Up this week; Jan-Mar earnings seen upbeat
Bank sector – Slightly positive on improved economic outlook
Telecom Sector – RComm seen up, Bharti Airtel volatile this week
Pattern Formation: On the Daily chart,I'm observing that prices are making lower bottom lower top formation which indicates that rally are likely to witness selling pressure. Further I'm observing a spinning top which suggests that prior down trend is losing breath.
Future Outlook: The current price action on the weekly chart clearly indicates that prices are heading towards the lower trendline of the channel. The value of the lower trendline of the channel for current week is in the range of 5400 – 5350 levels. However the spinning top on the daily suggests that a bounce from current level cannot be ruled out. On the upside, 5650 – 5754 may act as resistance for the week. Broadly, I've opinion that a bounce from current level cannot be ruled out. Since the trend remains down, rallies near the resistance levels mentioned above are likely to witnessed selling pressure.
Hence one should adopt cautious approach at current level.
Data Alert From India –
N.A.
Data Alert From Overseas -
German Industrial Production m/m at 3:30 pm
Domestic Stock Specific News –
Govt likely to finalise details of inflation-indexed bonds this month
PM says will welcome Rahul Gandhi any day as prime minister
HC refuses to restrain Glenmark from mfg, sale of Januvia generic
Power secy says state cos' loan recast deadline extended to Jul 31
Bharti moves SC against DoT order banning co's 3G roaming pact
Minister says asked Coal India to continue supplies at 50% to NTPC
Shipping secy says plan to award 30 projects in FY14
HT Media launches weekly business paper in Singapore
AirAsia says got FIPB formal nod for JV with Tatas; to seek licence
Bajaj Auto says will start production of RE60 in FY14
Force Motors sold 1,191 units of LCVs, 1,014 units utility vehicle
Sun Pharma gets US nod for generics of Lunesta, Zithromax injection
Mahindra Holidays adds 75-room Dubai hotel to its network
KPIT Cummins rolls out IT solution for Airports Authority of India
International News -
US Non-Farm Employment Change at 88K vs 268K.
US Trade Balance gap narrowed by 3.4% to $43 billion vs $44.5 billion
US Unemployment Rate at 7.6% vs 7.7%.
Macro Economic Calendar Date
Indian IIP Data 12th April 2013
Indian Inflation Data 15th April 2013
Indian Monetary Policy 03rd May 2013
Indian GDP Data 31st May 2013
Open Interest of derivative segment increased to Rs 77824.28 Cr vs Rs 75489.73 Cr.
FIIs net sellers in index future to the amount of Rs 1106.02 Cr and in index options net buyers to the amount of Rs 367.40 Cr.
Put-Call Ratio at 0.90 vs 0.92. (Bullish).
Levels for Bears
Well.......Today's Below.................5500.00 We may, headed Towards, SERIOUS Kind of CORRECTION, and below that Level, NIFTY FUTURE, may try to hit, 5473.00 and than...5440.00 too in Days to come.......
So....Watch out the Level of 5500.00 , very CAREFULLY
Levels for Bulls
Well.......Today's Above........................5578.00 Continue to Hold long, for a Target of 5630.00 and than...5670.00.......................Above, that Level...BULLS Likely to HIT, that Level, VERY SMOOTHLY........
Market Range for Week 5400- 5750
For current week as per expection market range would b 5400-5750
Resistance – Nifty spot facing Resistance level @5620 level above this level it may go up to @5680 &@ 5750 level.
Support - Support comes for market @5550 level for Nifty spot ; below this level Nifty next support @5480 and @5450 will be the major support for Market.
Weekly Sector Outlook and Stock Picks
Auto sector – Negative this week on low sales; Maruti positive
Capital Goods sector – Down; L&T may gain on value buying
FMCG Sector – Seen firm as cos' Jan-Mar margins seen rising
Cement Sector – Bias negative this week; Jan-Mar earnings eyed
IT Sector - In thin band this week before Jan-Mar earnings
Oil Sector –Marketing cos seen rangebound, RIL up this week
Steel Sector – Up this week; Jan-Mar earnings seen upbeat
Bank sector – Slightly positive on improved economic outlook
Telecom Sector – RComm seen up, Bharti Airtel volatile this week
