Weekly Nifty Report for 12/August/2013 – 16/August/2013
Markets settled this week on a negative note on concerns of weak rupee and disappointing results of several companies. Nifty future saw constant downfall since last three weeks but closed above the trend line coming from previous lows on weekly charts. From current levels 5480 is seen as crucial level surpassing which important support is seen around 5390. Correction can happen if it sustain above the level 5600 then resistance range is seen near 5680-5800. Key events to happen this week is IIP and Inflation data.
CRUCIAL POINT: 5480
Weekly Stock Markets News-
- Sensex loses 2% last week; capital goods tumbles 6%.
- Asian markets choppy amid tepid China recovery signs.
- Sun Pharma posts Rs 1276 cr loss in Q1 on Pfizer settlement.
- Ranbaxy jumps 30%; street cheers US base business growth.
- Cipla Q1 net profit jump 10%, revenue rise by 19%.
- Govt to sell 5% stake in Coal India via OFS.
Weekly Stock Pick-
HDFCBANK FUTURE ON WEEKLY CHARTS HAD BEEN TRADING IN AN UPWARD CHANNEL PATTERN AND IS CONSOLIDATING AROUND SUPPORT LEVELS.
SELL BELOW 603 TARGETS 580-555. MAINTAIN SL OF 631.
Weekly Stock Calls-
ONGC SELL BELOW 267.70 TARGETS 262.70-257 SL 273.50.
IDEA BUY ABOVE 161.75 TARGETS 165-169 SL 157.