Nifty Weekly Report 19 August to 23 August 2013
Markets continue to shatter since last four weeks and closed around their crucial support levels on account of weak global markets and depreciating rupee. Nifty future on weekly charts closed below the trend line coming from previous lows indicating bearishness to continue. Now, key support level is seen near 200 day SMA of 5450 below which it will find next major support around 5320. On higher side, any correction will find resistance in the range of 5600-5685.
CRUCIAL POINT: 5460
Weekly Markets News-
- Markets drop 1% as Re slumps despite RBI measures.
- Wall Street slips, Dow posts biggest weekly loss of 2013.
- Wockhardt up 5% as Khorakiwala Holdings release pledge.
- Future Retail posts Rs 12 crore loss.
- Axis Bank plunges, M&M Financial gains on MSCI rebalancing.
Weekly Stock pick-
ONGC FUTURE ON WEEKLY CHARTS AFTER FACING RESISTANCE OF 100 DAY EMA DRAGGED DOWN AND FOUND SUPPORT OF TREND LINE ACTING AS SUPPORT WHICH SEEMS TO GIVE A NEGATIVE BREAKOUT.
SELL BELOW 267.75 TARGETS 259-249. MAINTAIN SL OF 278.
AXISBANK SELL BELOW 1025 TARGETS 1004-981 SL 1053.
ICICIBANK SELL BELOW 855 TARGETS 839-815 SL 876.
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