Sunday, March 27, 2016

Weekly Review - 28.03.2016

Dear All,

With no immediate trigger for the stock market in the coming week, market participants will watch out for global trends, investment by foreign portfolio investors (FPIs), movement in crude oil price and March F&O expiry to dictate market trend.

The week is likely to remain volatile, as traders would roll over positions in the derivative segment from the near-month series to the April series on or before Thursday, which also happens to be the last trading day of the current financial year.

The market has decisively pierced the stiff resistance at 7,600, but in the absence of any near-term triggers, it is likely to go through consolidation in the coming week. However, hope of a rate cut towards the end of the week could push banking stocks as well as the broader markets higher.

The country’s current account deficit (CAD) narrowed to $7.1 billion (1.3 per cent of gross domestic product) in the quarter ended December 2015, from $7.7 billion (1.5 per cent of GDP) in the year-ago period.

The CAD was also lower than $8.7 billion (1.7 per cent of GDP) recorded in the second quarter ended September 2015.

>>> Nifty Daily Chart <<<

>>> Click the chart to see on full screen <<<

A Red Hanging man on daily chart. 7730 not yet cross still. Next Resistance @ 7760.

>>> Nifty Hourly Chart <<<

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Hourly chart forming a wedge pattern with a key resistance of 7760. Break above that may lead to 7840-44.

>>> Bank Nifty Daily Chart <<<

>>> Click the chart to see on full screen <<<

Price resisted @ 100 DMA and channel trend line. Cross above can test 16300+

>>> CEAT LTD - Hourly Chart - We have Shorted Again <<<

>>> Click the chart to see on full screen <<<

We are short from 1108. Price almost made a low of 1068.