WEEKLY REVIEW FROM ANGEL BROKING: https://acrobat.com/#d=a08Ph9h4BGGla8UEo0NM2g
The markets are likely to continue the upward march in the coming week given the positive breakout on the daily charts. The Nifty has immediate support at 6,300 which should be seen a key level for the markets to trade higher.
The markets are likely to continue the upward march in the coming week given the positive breakout on the daily charts. The Nifty has immediate support at 6,300 which should be seen a key level for the markets to trade higher.
The BSE benchmark index, the Sensex, began the week on a positive note. The index gathered momentum on positive vibes from the Reserve Bank of India (RBI) and the US Fed. RBI, in its second quarterly review, raised rates by 25 basis points. More importantly, it signaled a pause to the rate hike cycle in its December review. The US Fed also announced fresh impetus - worth bond purchases up to $600 billion - in a bid to revive the US economy.
The Sensex rallied to a high of 21,109 and finally settled at a record high of 21,005; up 973 points (nearly five per cent) last week. The index is just 200 points away from its record high of 21,207 touched on January 10, 2008. Getting there could be a mere formality given the strong momentum.
Among Sensex stocks, Jaiprakash Associates, SBI and ACC surged around 11 per cent to Rs. 134, Rs. 3,490 and Rs. 1,090 respectively. Hindalco, ICICI Bank, Mahindra & Mahindra, Sterlite, Tata Motors, Larsen & Toubro and HDFC rallied 7-10 per cent each. Maruti Suzuki, however, was down 2.5 per cent at Rs. 1,514; the sole prominent loser.
The NSE Nifty touched a high of 6,339 and settled with a gain of 295 points at a record 6,312. The index is 45 points shy of its all-time peak of 6357.
Going by the current trend, the Nifty may easily target 6,400 next week as long as the 6,300 support holds. In case of a dip, the index may seek support around 6,215 and 6,155. In fact, it seems like the base has now moved to the 6,180-6,200 level.
SOURCE: BSVIEWS FOR NEXT WEEK FROM :
INDIABULLS (WEEKLY PLATTER): https://acrobat.com/#d=yFgW-R1VYGROvq7lR6d1eA
BONANZA (FINANCIAL SERVICE): https://acrobat.com/#d=tlVUII*EMTyANPE9FRBeJA
Kindly note that Bonanza is recommending sell for Nifty future for the coming week for a target of 5185-5220 means a small correction/cool off is possible.
COAL INDIA IS GOLD INDIA :
The government on Sunday advised investors to stay put with Coal India (CIL) to multiply their fortunes and compared the strengths of the company with gold, which is considered the best long-term bet to create wealth.
"Coal India is actually Gold India for the investor community, stay with it," Coal Minister Sriprakash Jaiswal told PTI, after witnessing a 43 per cent rise in shares of the company within 2 days of its debut on the bourses.
