Nifty Key benchmark indices edged higher on the last trading session of the week, with the market sentiment boosted by data showing that foreign funds remained net buyers of Indian stocks. Nifty closed at 6155 with positive bias. FII Bought INR 603.41 crs and DII Sold INR 381.55 crs.
Market outlook for week
Expiry of the near month February 2014 F&O contracts may trigger volatility on the bourses in a truncated trading week. Macroeconomic data, trend in investment by foreign institutional investors, trend in global markets, trend in other global emerging markets, the movement of rupee against the dollar and crude oil price movement will dictate the near term movement on the domestic bourses.
For Indian market, it is cement, Auto, Pharma and technology stocks which are on front seat and also private banking has done well, but we are seeing banking sector being selled at every higher levels. Cyclicals seems to be gaining strength and we can look at Metals and other sectors, people are cautious and not taking long positions for domestic sectors and instead are concentrating export sector funds.
Shorterm Trend
Nifty crossed 6140, key is it should stay above this levels for one more day to move to 6180 and 6220 and below 6100 we could see 6050 and 6000, but the way market has reversed from lower levels and finding support is really good. Bulls were able to defend every down move as of now, but expect to trade in a range till we see further cues.
Intraday Levels
As indicated by cues we could open flat at 6150 - 5160 level and If Nifty can trade above 6165 for 10 minutes we could see 6180 and 619 5and on the lower side below 6140 for 10 minutes we could see 6125 and 615.
Top pics for the day are HCLTech,Wipro, Biocon, ACC, Adani Ent, Axis and Bank Baroda for Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Commodity Levels
I expect commodities to gain strength and suggest to buy in them based on levels in live market and my above outlook is only based on broader trend based on previous days data.
Pivot levels for Key Stocks
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