Market Outlook:
S&P CNX Nifty holding 5060 is important for the day and crossing 5110 would be positive for market where 5170 could be possible levels. On negative side if Nifty fails to break 5100 then 5060 is major support breaking which 5020 become important. Nifty on daily charts has Inverse Head & Shoulder and any break-out above 5170 then 250-300points rally becomes possible. Nifty on Weekly basis has closed 3rd week in positive after 5weeks of correction and weekly support 4940 below which market would start fresh correction towards 4720-4500-4350 till then bear phase of rally which is very fast and swift should be played smartly. Refining margin GRM has stayed higher around $9.5 and this normally benefits standalone refiners like RELIANCE, ESSAROIL, MRPL and CHENNAIPETRO while RELIANCE and ESSAROIL benefit from weak rupee due to exports.
§ Sensex- holding 16750 is important to target higher with 17200 which is double top formation and 17358 above previous Gap-down would start getting filled. Sensex trading below 16837 which is opening of previous day selling pressure can be high. SENSEX 20DMA-16590, 100DMA-17926, 200DMA-18476 and 200Week MA-16065. Sensex for 5weeks of downtrend has seen 3weeks of rally this week closing would play crucial role.
Technical Calls:
GLENMARK-328, stock has been trading in a range, now triangle break-out is seen which could give Rs.356 as possible target and sustaining above which even Rs.390 could be possible in the stock which benefits from weaker Rupee due to high export. Stock has closed above 20DMA Rs.322 while stock already trades above other averages 100DMA Rs.312 & 200DMA Rs.313.
MOIL-309, stock has closed @ highest level in 20trading days on higher volumes and in process closed above 20DMA after 36trading days, pointing to strong buying emerging @ lower level. Stock after strong listing made high of Rs.591, after which stock has been gradually coming down and made low Rs.290. Stock looks good to target Rs.340 which is 100DMA or Rs.348 which is falling trend line connecting highs.
Technical View: Make/Break
ITC-197, Stock is trading in a triangle pattern and moving in a tight range and where Make/break is important stock below Rs.192 on closing basis is clear Break-out, while stock has to close above Rs.203 for any break-out and make new high above Rs.211.25. Stock is showing distribution pattern on charts and any break-down 8-10% correction is possible.
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