Weekly market report - Epic Research

Mr. Mustafa Nadeem, CEO, Epic Research

Another week with Nifty breaching previous resistances to make a new fresh all time high at 9673 and sustaining the lower levels with closing above 9650.

A week that started with new series saw muted trading sessions with market being range bound for most trading sessions. This was amid positive global cues with European indices making multi year highs and US market as well having positive sentiment. Asian markets were mixed with a recent downgrade by Moody's for China and Hongkong. With that domestic cues as well not favoring with GDP data at 6.1% taking out the tag of fastest growing economy.

This was keeping the investors sentiment also concerns on IIP and RBI policy kept investors on toes. Though on technical perspective market held on to supports at 9580 on downside and ended the week making fresh highs. A bullish candle followed after last week breakout confirmed the bullish move for coming sessions.

We maintain our Buy cover on broader indices with higher targets of 9740 - 9850. Supports are at 9600 - 9550. Bank Nifty we see testing 23500 - 23800. As far as recommendations we are stock specific with ITC at 317 level for 330, Adani ports at levels of 355 for 370 and some of PSU banks like Bankbaroda and Canbank for 3-5% upside.

Source : Equity Bulls

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