SMC Equity Research Outlook- Post Market: 18th March, 2014 by (Mudit Goyal, Technical Analyst- Equity) -Domestic markets opened on the negative note on Friday on account of profit booking and weakness in the global peers. -Domestic markets recovered sharply from intraday lows in the last hour of trade on falling inflation data reflect the improvement in the economy. -The wholesale price index (WPI) inflation for the month of February stood at a nine-month low of 4.68 percent as against 4.99%. -Moreover, smart recovery led by capital goods and Realty indices which registered over 1% gains. Apart from this, Healthcare and auto indices also ended in the green whereas technology and consumer durables remained under selling pressure. -On the global front, Asian shares dropped to a one-month low and the yen pushed higher on Friday, as heightened tension in Ukraine ahead of a weekend referendum sent investors scurrying out of riskier assets. The rupee is off one-week low on corporate inflows. -Technically, nifty formed the long bullish candle on daily charts which suggesting more upside is still remaining. -For today’s trade, Nifty can find support around 6400-6350 levels and on the upper side, it may face hurdle around 6610-6650 levels. Here are the few Technical picks for Intraday Trade. -Buy AMBUJACEM for the upside target of 186-189 with SL of 177. -Buy BHEL for the upside target of 192-194 with SL of 183. -Buy GODREJIND for the upside target of 305-310 with SL of 290.
Posted on: Tue, 18 Mar 2014 05:11:02 +0000
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