Focus on FMCG and capital goods
Today, the market has formed a bullish Harami pattern. On Thursday, the market stopped at a large support area and formed a bullish pattern on Friday, which may give us indications that the coming week may be positive for the market.
Sensex trading in narrow range
Stock Picks
- ABBOTINDIA - Above 15100 with a target of 15250 and Stop loss of 14990. It is trading in a sideways channel and has recently breached an important resistance level of 15000.
- TITAN - Above 1515 with a target of 1550 and Stop loss of 1480. It has a support of 8 and 40 DMA.
- CHOLAFIN - Above 565 with a target of 550 and Stop loss of 585. It is an upward trending channel and on the verge of a breakout.
- ABFRL - Above 208 with a target of 215 and Stop loss of 204. It has a support of 8 and 40 EMA.
- M&MFIN - Above 208 with a target of 220 and Stop loss of 198. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: Today, the market has formed a bullish Harami pattern. On Thursday, the market stopped at a large support area and formed a bullish pattern on Friday, which may give us indications that the coming week may be positive for the market.
On a weekly basis, the market has completed a corrective pattern and the Sensex could see a level of 50,700 or 51,200 until it breaks to 48,200. Bank Nifty is also expected to move to the level of 34,700 above the resistance at 33,700.
"The focus should be on FMCG and Capital goods. During the week, FIIs sold to the tune of Rs 6,000 crore till Thursday, while domestic institutions bought over Rs 3,000 crore," says Shrikant Chouhan, EV-P, equity technical research at Kotak Securities.
During the week the dollar index was the biggest factor that was dragged the sentiment of the market. In the coming week, again the trend of the market would largely depend on the trend of the dollar index.
