Technotracks for the week starting May 3rd

India Infoline News Service | Mumbai |

Volatility was the name of the game last week on world markets - with PIIGS and Goldman Sachs causing downside triggers and strong internals of the US and Indian markets bringing in relief rallies on any positive news they could garner.

Nifty View

Volatility was the name of the game last week on world markets - with PIIGS and goldman sachs causing downside triggers and strong internals of the US and Indian markets bringing in relief rallies on any positive news they could garner.

Nifty held on to the 5200 levels by the skin of its teeth, getting stronger towards the end of the week and testing the 5290 levels. The Nifty could not hold on to them and closed fairly strongly though at 5278. 5200, from where the market bounced during last week’s duress, will be short term support. That’s where the 50 DMA exponential is placed. 50 DMA simple is at about 5170. So the 5170-5200 range should provide cushion on rocky world situations. As mentioned last week if that gets taken off due to any reason, next supports will be 5050 levels. In fact then 4950 could also be possible - however we are talking of those levels only as a matter of abundant caution.
 
There will be a break for 3 weeks in technotracks as I am on vacation-will resume from 27th
 

Banking & Financials

Banking continues to outshine we like BoB, Vijaya and Yes for 5% moves-buy on dips
 


Capital Goods & Infra


Rel Infra and ARSS in for bounces.  Nag. Construction showed moves last week –awaiting same in IVRCL
 

Auto & Auto Ancillary

Bajaj Auto and Hero Honda now poised for fresh move
 

Pharmaceuticals

Fortis giving a fresh move up
 

IT & IT Services

Like Mphasis for 720 and TCS for a bounce back
 


Consumer Durables

Fedders Lloyd can do what Bajaj Electricals did last week
 

Consumer Discretionary

UTV showing accumulation pattern. Textiles –Morarjee Textiles looking good
 

Real Estate


Realty awaiting stability to bounce back
 

Metals


Metals awaiting stability to bounce back
 

Oil & Gas


HP, BP, IOC, GSPL, MRPL looking good



Nifty Chart



Dollar Index


 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.