WEEKLY REVIEW- 20TH To 24TH
The markets saw a rebound on the policy decisions made by the
Central Govt. on diesel decontrol and the gas price hike made the required blood
to BULLs to lift the Nifty from a low of 7727 to 8032 level and it may continue
for a while with downward bias.
The markets are now at the crucial junction while index is
concerned, whereas the Bank Nifty is in firm grip of Bulls. The Bank Nifty will
not go into Bear Grip unless it trades below 15850.
The major gainers are the OMCs and ONGC but the ONGC saw a
serious unwinding at higher level by Bulls as they built long positions with
the much anticipated decision, long-back.
The DLF counter saw a serious short covering and bargain hunting
gave a boost from 105 to 120+ levels but the SKS Microfin gave good returns on
firm financial stability, rose from 280to 320 level. It is a medium term safe bet
in the financial sector that can fetch from 300 to 450, with a stop at 280
level.
The REC and PFC got the bottom
support and short covering as the rise of GAS price didn’t affect much and the
power producing companies can easily pass on the costs. The NTPC, RELINFRA, T-POWER,
R-POWER, ADANI has more steam in built to move up. The bank stocks took some up
move due to the anticipated stability in the power sector and the demand for
new loans.
The STOCK-O-METER is back: STOCKS
Performance Monitor:
Earlier on Monday published as Nifty likely to see crossing the
resistance at 7980 level, may easily touch 8032 in next 4 trading sessions
Nifty touched a high of 8031.75
On the same day regarding ONGC, mentioned as Technically speaking the yearly
high cut can be expected so long as it stays above 420.
ONGC touched a high of 429
but it failed to trade above 420, came down to 397
On Monday regarding BULL
COUNTERS: PSU OMCs and Oil producing companies. The ICICI bank in bulls grip has
bottom support at 1489-92 range, may cross 1551-56 resistance. Axis results are
good, so may cross 418-16 resistance from 398-401. Yes bank is good above
593-96, may cross 626 resistances to touch 636.The short term short covering
may take BOB to 906-914 range once it stays above 875.
ICICI touched a high of 1593
from 1508 Friday closing, AXIS touched a high of 428 from 402 Friday closing, YES
Bank touched a high of 631 from 600 Friday closing. The BoB yet to perform.
On Tuesday, expected ICICI may face
resistance at 1552 which didn’t happen.
Where on Tuesday as expected
YES took resistance at 632 level but could stay above 616 level. Similarly,
RELCAP and RELINFRA performed very well as expected. But Tata Steel yet to
deliver the results and cross 480 level.
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