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Market Commentary
Banking, metal & reality stocks to keep in focus for week ahead: Epic Research
Posted On : 2017-04-21 10:45:40( TIMEZONE : IST )
Mr. Mustafa Nadeem, CEO, Epic Research
Nifty ended down for third consecutive week loosing marginal points as indecisiveness is there due to stretched geopolitical risk while investors looking for profit booking in short term. Nifty started the week with a stiff consolidation and continued the same throughout with a range of not more than a 2 odd percent. A mix set of numbers from Banking sector, private, majors like yes bank and indusland bank kept bank nifty as well in a range of almost 250 odd points. Market is awaiting result of some major large caps for continuing the upward move. Though higher liquidity from FII and DII is seen and that is keeping the undertone of the market tilted to positive bias.
As per moving averages the Index is still above its short term moving averages and thats the area where we are seeing a lot of support coming in at 9050 - 9040. while resistance is still seen at 9220 - 9230 where we are seeing a distribution pattern emerging. So a range break out may further decide the trend though the bullish is bias may continue and any decline towards short term averages may see higher volumes and initial buying set up.
As per OI data, reading is seen with a range bound around strikes at 9300 - 9000 now and a possible downside can be of marginal 1% with support at 9000 and resistance at 9300 in coming week. Below 9000 we may see a slide to 8850 - 8900. As per candlestick reading, indecisiveness is seen on charts with candle patterns showing a small body indicating a range may be seen in continuation or a breakout may be near. At present we are also seeing a doji formed on daily chart so next week it may be crucial indicating a trend may be continued or trend may change.
Banking, metal and Realty shall be the sector which are on radar with higher weight-age to realty since we are seeing breakout on many stocks from this space. Infra and construction are also seeing flow of volume in some of the stocks.