Market Outlook:
S&P CNX Nifty has gapped-up(5072-5076) and this is positive and partial Gap-down(5323-5229) closing becomes possible. Now for the day Nifty holding 5110 then 5150-5190 can be possible on higher side, below 5110 gap levels would be normally tested and if 5070 is held then recovery would be sharp. Nifty weakness would start only below 5000 levels on closing basis till then beaten down stock would give good rally. Infrastructure stock IRB- LITL- IVRCL-NCC-JPASSOCIATE-IL&FS TRANSPORT-SINTEX- along CEMENT stock looks strong to rally if market supports. IT stocks have failed to rally with market and these stock can correct faster when this rally fizzles out.
§ Sensex- has Gapped-up(16894-16922) till the Gap is held 17355-17500 also could be possible level for Sensex in coming days, Sensex has held 17k levels and now if it can trade comfortably above this level rally can sustain extended period. Weakness now will come below 16950 only on sustainable basis.
Technical Calls:
GRASIM Cmp Rs.2213 has closed @ 30trading days high, stock crossing 2260( 60day's high) on sustainable basis can target Rs.2400-2450 levels. Cement stocks which have been trading sideways holding well in recent market slide is now outperforming with ACC-GRASIM-AMBUJA being our Top pick. Stock trades above 20DMA Rs.2131 with 100DMA Rs.2224 & 200DMA Rs.2288 would prove a minor resistance for the stock.
AKZONOBLE INDIA Cmp Rs.951, Stock has made triangle formation near all time high Rs.1044 made in July and chances of the high crossing looks possible if the stock holds well above Rs.920. Stock trades above all major averages with 20DMA Rs.931, 100DMA Rs.901 and 200DMA Rs.832. Stock trading above Rs.975 is a major break-out from trading range.
Technical View: : JPASSOCIATE-71, Cement & Infrastructure stock are outperforming market and JPASSOC being in both sector and with market talk of company exploring the option to rope in a strategic partner for its cement business has added positive sentiment. Stock trades above short term average 20DMA Rs.61 while 100DMA Rs.78 & 200DMA Rs.86 could be Target for the stock, which is moving up on higher volumes.
No comments:
Post a Comment