Week begun on positive note with the Indian Equity benchmark index Nifty Fut opened at 6155 and showed secular upside movement throughout the week. These positive sentiments were sustained through the roll over of Feb contracts to Mar contracts and Nifty Fut closed at 6282 on a weekly note up by 118 points with a four trading sessions winning streak. The 30 share index Sensex closed at 21076.27.
Overall trend of Nifty Fut is still looking bullish on chart, while a short term correction can be observed as it is trading above its 50 and 200 days MA but with an RSI of 60.82. If it sustain above its pyschological support level of 6200 then further upside movement can be expected till the next resistance level of 6370 and further till 6420. Support for Nifty Future is at 6170 and 6100.
Stocks to watch on:
JUST DIAL:- 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 1450 and sustaining through its 50 and 200 days MA; hence in near term one may get the target of 1500 above its resistance level, for which one has to keep stop loss at 1400.
YES BANK :- The stock has been witnessing downtrend on long term charts but now it is showing a good accumulation on the lower levels sustaining through the levels of its 50 and 200 days MA. Positive breakouts can be seen in the stock in the upcoming sessions. One can go for long positions in the stock for the targets of 315 and 320 while the technical stop loss will be 300.
By Vivek Gupta, Director Research, CapitalVia Global Research Limited