The markets last week were choppy as expected after a huge bull move from the previous two weeks.
The sensex ended the week with minor gains.
The midcaps and the small caps have rallied stronger in recent sessions. They had lagged the bull run from the previous weeks.
The next week should be a week of consolidation. The Quarter results are round the corner. Also the IIP numbers are due next week. They are likely to give cues on markets. Oil Prices have shot up with Brent crude touching 125$ last week. Till the past two weeks, markets had somehow shrugged off the oil prices but the coming week there will be a negative bias due to them. Also precious metals are in a bull run with Silver climbing up real fast.
What is a good news that FIIs are back pumping money into the markets. :)
Technically the sensex made a lower bottom around 19800 levels. The RSI levels are showing highly overbought conditions. For now, the sensex has moderate support at 19370 levels. Any movement below that would be bearish and the markets can test the 200 DMA support levels at 19040 levels.
There will be strong resistance around 19800 levels.
Overall the consolidation should occur in the 19370-19750 band.
On Individual stocks, recommendations on M&M, JSW Steel, Jai Prakash Associates, Tata Chemicals have already achieved targets.
Book profits on open positions of Tata Steel @ CMP around 629
Add position of Hindalco on dips of 203-204.
Any fresh positions should be avoided till clear broader market signals and trailing stoplosses are recommended.
Ranbaxy Labs
This one is showing some movement. Its testing its 50 DMA resistance. Also the breakout above the channel could turn out to be a bullish sign. The stock was hammered down in the past weeks due to the lawsuits filed. The worst might be over now. Refer to the chart for specifics.
The sensex ended the week with minor gains.
The midcaps and the small caps have rallied stronger in recent sessions. They had lagged the bull run from the previous weeks.
The next week should be a week of consolidation. The Quarter results are round the corner. Also the IIP numbers are due next week. They are likely to give cues on markets. Oil Prices have shot up with Brent crude touching 125$ last week. Till the past two weeks, markets had somehow shrugged off the oil prices but the coming week there will be a negative bias due to them. Also precious metals are in a bull run with Silver climbing up real fast.
What is a good news that FIIs are back pumping money into the markets. :)
There will be strong resistance around 19800 levels.
Overall the consolidation should occur in the 19370-19750 band.
On Individual stocks, recommendations on M&M, JSW Steel, Jai Prakash Associates, Tata Chemicals have already achieved targets.
Book profits on open positions of Tata Steel @ CMP around 629
Add position of Hindalco on dips of 203-204.
Any fresh positions should be avoided till clear broader market signals and trailing stoplosses are recommended.
Ranbaxy Labs
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