Last week we saw markets were mainly negative. We almost had markets flat through out the week. Global cues were also negative.
This Christmas time seems not to be making every one happy. Sensex is below 17K.
NIFTY is at 4987.7 - It was a let down as far as the Nifty movement was concerned last week. But the up trend from the 4,806 low has not reversed yet. A close below 4,950 is required to signal that the short-term trend has reversed lower. Traders holding long positions can continue to do so as long as the index holds above the zone between 4,930 and 4,950.
Breach of this support would mean that the index could decline further to 4,880 or to the key medium term support between 4,780 and 4,800. Resistances for the week would be at 5,070 and 5,130. Failure to move above the first resistance would be a cue for traders to initiate fresh short positions.
We maintain a positive medium term view for the index as long as it trades above 4,780. Close below this level would imply that a re-test of the November low at 4,530 is possible.
Stocks to watch out for :
Rajesh Exports : This stock looks strong and has a target of Rs 94 in short term. CMP – 83.55
Jayaswal Neco : This stock has a target of Rs 35 in short term. CMP – 30.35
Redington India: This stock has a good support at 290 and looks very strong. Target of 330 in short term. CMP – 296
IndusInd Bank : This stock has a target of 155. CMP – 137.60
Happy Investing!
