Market Outlook For 3rd-Week-July
The markets closed @ 8605, 1 point higher. During the entire week there was a sort of a positive momentum in the markets. Global cues were also supportive. The markets for previous 3 weeks traded in the range of 8280-8530. On Thursday there was a clear breakout, markets rallied over a percent ending at the days high. Banks were supportive throughout the week except for Friday where there was some profit booking.
The markets are now expected to carry on with this momentum and reach 8720-50 in this leg of rally. Very strong support comes around the range of 8520. So any move above 8650 can be bought into with a Stop Loss around 8600 and Target around 8720
The Bank Nifty Looks very positive. Many of the private bank such has HDFC Bank, Kotak Bank, have broken out of the strong resistance zone and few other banks such as Indusind and Axis are on the verge of a breakout. If bank nifty manages to move above the level of 19250; then this could trigger a further 2% move on the Bank Nifty. For the Bank Nifty 18900 acts as a very crucial support and below this level, Bank Nifty Can test 18650.
For next week the banking sector looks very strong. Pharma too exhibited strength which is likely to continue. The IT stock too made a good come back and the markets were supported by Capital Goods too.
Therefore over all market sentiment is positive and in the coming week, expect IT and capital goods to out perform followed by Banks and Pharma
Stocks To Watch Out For:
Bosch (Abv 23900 Can Test 24800)
Infosys (Abv 1025 Can Test 1075)
Sun Pharma (Abv 965 Can Test 1000)
The markets are now expected to carry on with this momentum and reach 8720-50 in this leg of rally. Very strong support comes around the range of 8520. So any move above 8650 can be bought into with a Stop Loss around 8600 and Target around 8720
The Bank Nifty Looks very positive. Many of the private bank such has HDFC Bank, Kotak Bank, have broken out of the strong resistance zone and few other banks such as Indusind and Axis are on the verge of a breakout. If bank nifty manages to move above the level of 19250; then this could trigger a further 2% move on the Bank Nifty. For the Bank Nifty 18900 acts as a very crucial support and below this level, Bank Nifty Can test 18650.
For next week the banking sector looks very strong. Pharma too exhibited strength which is likely to continue. The IT stock too made a good come back and the markets were supported by Capital Goods too.
Therefore over all market sentiment is positive and in the coming week, expect IT and capital goods to out perform followed by Banks and Pharma
Stocks To Watch Out For:
Bosch (Abv 23900 Can Test 24800)
Infosys (Abv 1025 Can Test 1075)
Sun Pharma (Abv 965 Can Test 1000)
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