Markets settled on a weak note as per volatile movements due to IIP nos. and poor nos. of Infy and TCS nos. Nifty future could not trade above the key resistance of 5350. On weekly charts, 100 day EMA of 5200 will act as strong support for it below which it may drag towards 5100 level. Inflation data and result sessions are eyed in the coming week which will direct the market. Meanwhile, on higher side, 5370 is still seen as stiff resistance for nifty.
Major Market News –
Ø Sensex posts weekly loss of 1.75%; IT, Consumer Durables drag.
Ø Inflation, presidential election key for debt markets ahead of RBI policy review.
Ø Sintex Q1 profit plunges 50.5% on MTM loss, lower revenue.
Ø Unitech, Telenor discuss out-of-court settlement on partnership issue.
Ø JPMorgan profit falls on $4.4 billion trading loss.
Ø Exports fall 5.5% to 15 month low in June.
CALLS OF THE WEEK –
HCLTECH BUY ABOVE 495 TARGETS 510-525 SL 475.
BPCL BUY ABOVE 770 TARGETS 782-795 SL 755.
LAST UPDATE HCLTECH BUY CALL RECOMMENDED @495 (MADE HIGH OF 500).
LAST UPDATE BPCL BUY CALL FIRST TARGET ACHIEVED.
TECHNICAL VIEW –
BOMDYEING FUT WAS MOVING IN A CHANNEL PATTERN ON ITS DAILY CHARTS AND IS EXPECETED TO GIVE A BREAKOUT FROM ITS LOWER BAND.
SELL BELOW 529 TARGETS 514-495. MAINTAIN SL OF 547.
For more information Click Here