Mar­kets may Trade Weak in Trun­cated Week

The Economic Times - - Gold Returns As Much As Sensex Over Last 15 Years - ASHU BA­GRI AB­HISHEK KARANDE

The Nifty fu­ture may find sup­port at around 7305.49 and 7468.20 on the down­side (7305.49 is the 23.60% price ex­ten­sion drawn from low of 2228 to high of 6336 and 7468.20 is the 61.80% price ex­ten­sion drawn from low of 4538 to high of 6349) The Nifty fu­ture may find re­sis­tance at around 7625 and 7752 on the up-side (7625 is the swing high made dur­ing the week ended16-05-2014 and 7752 is the swing low made dur­ing the week ended 17-10-2014). What Could You Do? The Nifty fu­ture has closed at the lower level of the weekly charts show­ing weak­ness for next week. If Nifty fu­ture re­mains be­low 7625 then im­me­di­ately on the down side it will find sup­port at 7468. A close above 7625 can take it to higher level of 7752. Sell­ing at higher lev­els is ad­vis­able. We as­sume a down­trend trad­ing for the next week. Broader trad­ing range: 7305–7752 Im­me­di­ate trad­ing range: 7468 – 7625

With In­ter­me­di­ate sup­ports placed 7450-7400 lev­els, hold­ing these lev­els would be cru­cial for the in­dex in con­text of the pre­vi­ous run-up. Only on sus­tain­ing these sup­ports, bulls could make at­tempts to retest the chan­nel re­sis­tance area at 7780-7800. Fail­ure to do so, the in­dex could trade side­ways down with next in­ter­me­di­ate sup­ports placed at 7320. What Could You Do? Havells is cur­rently trad­ing at ₹ 332 lev­els and has posted a clear con­sol­i­da­tion break on the weekly chart. Havells can be ac­cu­mu­lated at cur­rent lev­els as the stock is now gear­ing for up for next leg of up-move ini­tially till 370-375 lev­els. In ad­di­tion to this, Shakti Pumps at the cur­rent mar­ket price of ₹ 169.55 has posted a trend line on the weekly chart and is now poised to move North for an ini­tial tar­get of ₹ 195-200.

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