By Research Tem- Mr. Vivek Gupta – Director Research

Equity market outlook

A bout of initial volatility was witnessed in Indian Market as key benchmark indices alternately moved between the gains and losses near the flat line. The 50-share index closed at 5,565.65, up 46 points or 0.84%, able to hold 5550 mark. The S&P BSE Sensex ended at 18,789.34, down 124 points or 0.67 %. The market breadth remained in favour of advances on strong upmove in midcaps and smallcaps where both gained more than one percent. Also, Tata Motors was down, Cipla & Hindalco was up 5%.

Nifty futures is hovering around 5550 mark. It managed to trade with negative biasness in the weekly trading sessoin and closed at 5589.70 down by 115.85 points from the previous week’s close. Technically, it is having immediate support at the mark of 5500 with the breach of which it is poised to fall further in the upcoming session and may touch 5300.

For upside, major resistance is at the level of 5680 and 5790.

Stocks to watch on:

JAIPRAKASH ASSOCIATES (JP ASSOCIAT): Technically, the stock is consolidating at lower levels facing resistance at the mark of 32. It is poised to trade with positive sentiment in the forthcoming session. One may go for buying on dip strategy in the stock above the level of 32 for a target of 35 and a strict stop loss of 29.

IDEA: Technically the stock is trading with the positive bias and is facing resistance at the level of 160 sustaining above its 50 and 200 DMA on daily charts. One can expect further buying in the stock in the upcoming session. We recommend that the traders can go for a long position in the scrip above the mark of 160 for a target of 167 and stop loss at 153.