Weekly Outlook (February 01, 2016 – February 05, 2016)
Nifty weekly performance (25th Jan - 29 Jan):
Nifty ended the week on positive note gaining around 1.80%.
Indian equity markets hit their highest level in three weeks on Friday led by strong Asian cues and the firming of crude oil prices. On Friday, the BSE Sensex closed higher by 401 points, and the NSE Nifty closed higher by 139 points. Gains were largely seen in healthcare and consumer durable stocks.
Nifty Prediction for Week (February 01, 2016 – February 05, 2016) :
The index has closed around the strong resistance zone of 7550 to 7600 where the index has broken down from the double bottom pattern.If the index manages to close above this levels then the index can move to the levels of 7650 to 7700.Broad range for the week is seen from 7350 on downside to 7750 on upside.
Weekly News and Highlights:
Nifty ended the week on positive note gaining around 1.80%.
Indian equity markets hit their highest level in three weeks on Friday led by strong Asian cues and the firming of crude oil prices. On Friday, the BSE Sensex closed higher by 401 points, and the NSE Nifty closed higher by 139 points. Gains were largely seen in healthcare and consumer durable stocks.
Nifty Prediction for Week (February 01, 2016 – February 05, 2016) :
The index has closed around the strong resistance zone of 7550 to 7600 where the index has broken down from the double bottom pattern.If the index manages to close above this levels then the index can move to the levels of 7650 to 7700.Broad range for the week is seen from 7350 on downside to 7750 on upside.
Weekly News and Highlights:
1) As expected, the US Federal Reserve kept its key interest rate unchanged, though it signaled it might consider slowing future rate hikes if market losses and global weakness don't abate.
2) The US GDP (gross domestic product) data came in weak. It pointed out that the US economy limped into 2016, weighed down by global headwinds that dented business investment and exports. Gross domestic product expanded at a 0.7% seasonally adjusted annualized rate between October and December (fourth quarter). This was recorded as the slowest pace since the first quarter of 2015, when economy grew at a 0.6% pace.
3) Further, data released during the week suggested that US consumer confidence improved in January. This suggested an underlying strength in the US economy despite a sharp growth slowdown in recent months. The Conference Board said that the Consumer Confidence Index rose to 98.1 in January from 98.3 in December.
4) Bank of Japan (BoJ) stunned markets by taking one of its main interest rates into negative territory. The central bank announced that it would charge 0.1% for excess reserves parked with the institution.
Recommendations Techno Funda Picks :
| STOCK | Rec Date | Rec Price | CMP | SL | Return |
| RAJESHEXPO | 25-Jan-16 | 714.55 | 724 | 694.00 | 1.31% |
| YesBank | 01-Feb-16 | 746.8 | 746.8 | 711.00 | - |
| WIPRO | 01-Feb-16 | 562.8 | 562.8 | 547.00 | - |
Rec Price = Re-commanded Price , Rec Date - Re-commanded , CMP = Current Market Price , SL = Stop Loss
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The strategy may not be suitable for you.You may take independent decision at your own risk.
The strategy may not be suitable for you.You may take independent decision at your own risk.
Comments
Exit from RAJESHEXPO (CMP 725.5) and WIPRO (CMP 558.5) .
Hold - Yes Bank (CMP - 777).
Trading is current market is like catching falling knife..
Both FIIs and DIIS were in selling mode. will keep updating on current open recommendations.