Week begun on positive note with the Indian equity benchmark index Nifty Feb Fut opened at 6079.60 and traded with the same sentiments till the end of week's trading. This positive move in Nifty was led by FMCG, Bank, IT stocks. Nifty Feb Fut closed at 6161 up by 103 points and 30 share index Sensex closed at 20690.23.
Overall trend of Nifty Feb Fut is still looking bullish on chart , it is trading above 200 days MA with an RSI of 52, if it sustain above its support level of 6000 then with the crossing of its next resistance level of 6210, it may test the level of 6370 in upcoming trading sessions. Support for Nifty Future is at 6000 and 5950.
Stocks to watch:
CROMPTON GREAVES:- Overall trend of the stock is bullish, after a corrective movement stock is showing further trend continuation on charts. Also it is consolidating with the positive bias, near its resistance level of 124 and trading above its 50 days moving average ;hence in near term one may get the target of 128 above its resistance level, for which one has to keep stop loss at 120.
JINDAL STEEL & POWER :- The stock is showing recovery on charts. The stock has shown buying with the high volume after a short term downside move and now it is sustaining near its resistance level of 248. One can initiate the long position in the stock above the resistance level for the target of 256. Stop loss is at 240.
By Vivek Gupta, Director Research CapitalVia Global Research Limited
NOTE: The views expressed are those of the author