Visit http://indiaer.blogspot.com/ for complete details 􀂄 􀂄Weekly Analysis
· The Nifty kicked off on a fragile note while facing pressure for the first two trading
sessions. Wednesday’s trade caught traders off-guard while Nifty futures climbed
by 147 points to 6281 levels. The extreme volatility continued in the latter half of
the week while Nifty futures made a high of 6317 in Thursday’s trade. However,
sharp profit booking ensured the Nifty futures closed below 6200 levels. Friday’s
trade continued to spook long traders and the Nifty showed extreme pressure
closing the week at 6063 (down 0.7%)
· With India Inc entering into the result season, the Nifty is likely to trade in the
range of 6000-6300. Any positive surprises in the results could enable the Nifty to
test new highs as FIIs continue to pour in money. Also, the aggressive writing in
ATM and OTM Calls could see covering in these Calls. If 6000 is breached, on the
back of negative flows, then the indices may see another bout of sell-off
Index Outlook
· Nifty: The Nifty has supports at 6030/5980 spot levels. Trade long from these
levels. However, short positions can be initiated from 6200 with stop loss at 6225
· Bank Nifty: Bank Nifty is likely to trade in the range of 12300-12780 spot levels
Sector/Stock Analysis
· PFC, India Infoline and LIC Housing witnessed build up. Closure was seen in most
of the sectors. Technology midcaps like Patni, Rolta and HCL Tech may witness
fresh buying if the Nifty holds 6030 spot levels
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