Nifty Future still looks bullish on charts, resistance at 6800

Equity market outlook - Mr. Vivek Gupta - Director Research - CapitalVia Global Research Limited

Week begun on a green note with the Indian Equity benchmark index Nifty April Fut opened at 6759.95 and traded with positive sentiments, it registered life time high of 6799.65 on 3rd Apil 2014 and did not sustain at the higher level and showed downside move towards the last weeks's trading as a result of profit booking. Key policy rates remain unchanged under the monetary policy review by RBI, declared of 1st April 2014. Nifty April Fut closed at 6745.95 and 30 share index Sensex closed at 22359.50.

Overall trend of the nifty future is still bullish on charts. Currently it has strong resistance at the level of 6800, if it manages to sustain above its support level of 6685 then with the crossing of its resistance level it is likely to continue its trend as it is trading above its 50 and 200 days moving averages. While support for Nifty Future is at 6685 with the breach of this it may test the level of 6580.

Stocks to watch on:

JAIN IRRIGATION IN NSE CASH : The stock has recently experienced buying from the lower level and now it is consolidating positive bias below its resistance level of 68, it is managing to trade above its 10 and 50 days moving averages and is poised to move further upside with the crossing of its resistance level, one may take long position in the stock above the resistance mark for the target of 70 and 72 with the strict stop loss of 66.

KPIT IN NSE CASH: Major trend of the stock is bullish, it is trading below its falling trend line with the positive bias. Also it is taking support from its 10 and 50 days moving averages and its trading with the RSI of 51.61 which indicates that further buying can be experienced in the stock. One can initiate the long position in the stock above its resistance level of 167 for the target of 170 and 173 with the strict stop loss of 164.

Source : Equity Bulls

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