Business Standard

Keep an eye on 17,300 level

Rex Cano  |  Mumbai 

The markets ended the with a gain of 0.5 per cent, as investors cut down positions owing to the extended weekend factor. The touched a high of 17,664, but eventually ended the week with a gain of 82 points at 17,486.

Among the Sensex stocks, surged 6.5 per cent to Rs 274. State Bank of India, NTPC, Larsen & Toubro, and were up two to three per cent each. On the other hand, Jindal Steel, Bajaj Auto, Hindustan Unilever, Maruti Suzuki, Hero MotoCorp and Bharti Airtel were prominent losers.

Going ahead, the earnings season, global factors and the Reserve Bank of India’s policy action are some of the key factors that are likely to weigh on market sentiments. Hence, one can expect higher volatility this month.

According to the monthly Fibonacci charts, the outlook for the markets is that of cautious optimism. The bias for the markets is likely to remain positive as long as the Sensex withholds 16,700-level on a closing basis, this month.

The weekly charts indicate that 17,300-level is the crucial level to keep an eye on. As long as the index stays above 17,300, there is a possibility of the Sensex attempting pull-back rallies from this point. However, break of 17,300 will open the doors for the next major support around 16,900 and eventually 16,700.

On the upside, the Sensex needs to sustain above 17,400, a break of 17,660 will see the index rally to 17,850 and 18,100-odd levels, which are major resistance levels for the index. The moved in a 100-point range, from a low of 5,279, the index rallied to a high of 5,379, and finally settled with a gain of 27 points at 5,323.

Select momentum oscillators like the and the Stochastic Slow have turned favourable for the daily charts. As long as the Nifty is able to sustain above 5,280, the index can rally to 5,450.

According to the weekly charts, the Nifty has considerable support around the 5,200-level. The MACD remains favourable on the weekly charts as well, while the Stochastic Slow seems to be on the verge of turning positive. Next week, the Nifty is likely to seek support around 5,285-5,260, and face resistance around 5,360-5,385.

RECOMMENDED FOR YOU

Keep an eye on 17,300 level

The markets ended the holiday-shortened week with a gain of 0.5 per cent, as investors cut down positions owing to the extended weekend factor.

The markets ended the with a gain of 0.5 per cent, as investors cut down positions owing to the extended weekend factor. The touched a high of 17,664, but eventually ended the week with a gain of 82 points at 17,486.

Among the Sensex stocks, surged 6.5 per cent to Rs 274. State Bank of India, NTPC, Larsen & Toubro, and were up two to three per cent each. On the other hand, Jindal Steel, Bajaj Auto, Hindustan Unilever, Maruti Suzuki, Hero MotoCorp and Bharti Airtel were prominent losers.

Going ahead, the earnings season, global factors and the Reserve Bank of India’s policy action are some of the key factors that are likely to weigh on market sentiments. Hence, one can expect higher volatility this month.

According to the monthly Fibonacci charts, the outlook for the markets is that of cautious optimism. The bias for the markets is likely to remain positive as long as the Sensex withholds 16,700-level on a closing basis, this month.

The weekly charts indicate that 17,300-level is the crucial level to keep an eye on. As long as the index stays above 17,300, there is a possibility of the Sensex attempting pull-back rallies from this point. However, break of 17,300 will open the doors for the next major support around 16,900 and eventually 16,700.

On the upside, the Sensex needs to sustain above 17,400, a break of 17,660 will see the index rally to 17,850 and 18,100-odd levels, which are major resistance levels for the index. The moved in a 100-point range, from a low of 5,279, the index rallied to a high of 5,379, and finally settled with a gain of 27 points at 5,323.

Select momentum oscillators like the and the Stochastic Slow have turned favourable for the daily charts. As long as the Nifty is able to sustain above 5,280, the index can rally to 5,450.

According to the weekly charts, the Nifty has considerable support around the 5,200-level. The MACD remains favourable on the weekly charts as well, while the Stochastic Slow seems to be on the verge of turning positive. Next week, the Nifty is likely to seek support around 5,285-5,260, and face resistance around 5,360-5,385.

image

LIVE MARKET

BSE 25739.32

42.88 (0.17 %)

NSE 7796.10

10.25 (0.13%)

Widgets Magazine

STOCK WATCH

Company Price() Chg(%)
PMC Fincorp 1.48 4.23
Hathway Cable 43.10 4.23
DLF 109.95 3.73
Info Edg.(India) 771.00 3.37
Gati 144.20 3.00
> More on BSE Gainers
Company Price() Chg(%)
Esab India 572.95 4.17
DLF 110.00 3.97
Ess Dee Alumin. 274.30 3.69
K P R Mill Ltd 736.35 3.16
Gati 144.35 3.00
> More on NSE Gainers
Company Price() Chg(%)
Metalyst Forg. 48.45 -5.00
Sunrise Asian 200.80 -4.97
Castex Tech 54.65 -4.96
CCL Inter 46.00 -4.47
Cairn India 141.60 -2.85
> More on BSE Gainers
Company Price() Chg(%)
Rasoya Proteins 0.20 -20.00
Shrenuj & Co. 44.85 -4.98
Castex Tech 54.80 -4.94
Guj NRE Coke 2.95 -4.84
Usha Martin 14.70 -3.61
> More on NSE Gainers
Widgets Magazine
Widgets Magazine
Widgets Magazine

Derivatives

Index
Instrument Type
Expiry Date
Option Type
Strike Price