Week begun on a green note with the Indian equity benchmark index NSE Nifty Mar Fut opening at 6555 and it was trading at its highs, but it was unable to sustain at higher levels and weak global cues made index plunge to their 2-week low - on last day of the weekly session benchmark indices managed to rebound from the lower levels and Nifty Mar Fut closed at 6508 down by 30 bps and BSE Sensex closed at 21756.
Overall trend of Nifty Mar Fut is still looking bullish on chart trading above 200 & 50 days MA with an RSI of 66, IT is currently into its correction phase further if it sustains above the level of 6590 and manages to cross its next resistance mark of 6600 further upmove can be expected & traders can expect a target of 6720 & 6845 in near term; while on down side it has good support of 6485 only below this level further shorts can be seen
Stocks to watch:
ADANIPOWER FUT:- Overall trend of the stock is upfrom past sessions, but technically on short term chart it is forminh HNS at the top and necline of this HNS lies at 41.20 thus slight correction in trend can be observed if stock manages to breach this necline. One can take short positions in Adani power fut below 41.20 if stock manaed to consolidate near these levels tgts of 40 and 39 can be expected in near term
COX & KINGS IN NSE CASH -Major trend of stock is bullish and it is consolidating with the positive bias from the past few trading session below its resistance level of 159.50, Also the stock is trading above its 50 and 200 days moving averages. Traders can initiate long position in the stock above the resistance level of 159.50 for the target of 163.50 with the strict stop loss of 155.50.
By Vivek Gupta, Director Research, CapitalVia Global Research Limited