Last week we saw that the Indian equity market increased sharply. Sensex increased by 1.10% and closed at 59959 levels. Nifty also increased by 1.20% and closed at 17,786 levels. Bank nifty increased by 0.51% and closed at 40990 levels. Last week FIIs were in net buy of Rs 3986.25 Cr and DIIs were in liquidation of Rs.1240.47 Cr, however DIIs were in net buy of Rs 10387.07 cr in this month. Sentiments of the equity market remain positive on the back of good earning numbers of the companies.
Technically nifty has a strong support at 18000 levels. If it trades and sustains above 18000 levels it may trigger a rally towards 18300 levels and then finally towards 18700 to 19000 levels. Similarly banknifty has support at 40200 levels and then 39400 levels, resistance 41500 levels and 42200 levels. Technically as per the charts structure they are following the higher top higher bottom formation coupled with positive technical indicators. We are expecting buying to emerge on lower levels and it may reach 18000 to 18200 levels.
Expecting momentum in Banking, Auto, Metals and Energy sectors. Investors and Traders can keep eyes on these sectoral stocks to add in the portfolio. They can keep eyes on NTPC, Reliance, Tatamotors, Powergrid and Hindalco for a 3% to 4% in the coming week.
Sensex has a resistance at 60700 levels, successfully trading and sustain may triggere a rally towards 61300 levels to 62000 levels. Technically it is following the bullish candlestick patterns which showing optimism.