Weekly Stock Market Technical View - May 01, 2017

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Weekly Stock Market Newsletter - Finappleideas

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May 01 , 2017
 

Dear Member,


After three weeks of sideways movement, Nifty ended the week with gains of over 2 per cent and closed above its important psychological mark of 9300 for the first time ever on the monthly basis. During the week gone by market started the week on positive note on Monday after the market’s favoured candidate won through the first round of the French election, sparking a mass unwinding of safe haven trades. Very next day Reliance Industries set the tone with stellar numbers and markets continued to rally and the momentum continued on Wednesday as well and it turned out ot be a historic day for Indian Markets as Sensex scaled above 30,000 mark and Nifty touched fresh all time high of 9367. On Thursday markets witnessed profit booking on the eve of derivative expiry for April series and on the last trading session of the week market ended the session with marginal losses. In the coming week Auto stocks will be in focus as auto companies will start reporting sales volume data for the month of April, 2017 along with this economic data like India Manufacturing Purchasing Manager’s Index (PMI) will be released during the week. As results season continues to roll out in full swing, quarterly results of a few companies will be also eyed during the coming week. Banking major ICICI Bank, Housing Finance giant HDFC apart from these name few others notable names likel Dabur, L&TFH, Equitas, Emami and BhartFin will be announcing their quarterly numbers.


Technical View: On weekly time scale Nifty has formed a strong bullish candle. On the daily time scale, there is observation of formation Tweezer top like pattern, though we don’t expect a major downside as the long term structure is the favour of the bulls, but Nifty may enter into a brief consolidation or a sideways trend in the coming week. On the upside, the levels of 9370-9400 may well act as a strong resistance level. Whereas, the Nifty has support placed around level of 9200. A decisive breach of 9200 level may open up for further correction up to levels of 9065.


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