After making decent move on the very first day of the week Nifty remained highly volatile and choppy for rest of week and traded in narrow range of 100 points in between 5,360-5,260, due to F & O expiry on Thursday of this week.
If nifty manages to breach the 5,220 then we could see downside up to 5,100 mark in forthcoming trading sessions. Nifty is currently facing stiff resistance at 5,350-5,360 if this level breached decisively then we could see rally up to 5,450 mark and on the flip side strong support at 5,220 if this level breached then we could see fall up to 5,100 mark.
Expecting nifty to remain range bound in between 5,200 and 5,360 in short term. Nifty is likely to move in tandem with its global counterparts and would remain depended on them for any major breakthrough on either side. However domestic markets factors like today’s increase in oil prices could hamper the equity market in short term as increase in oil prices could result in higher inflation number. This could force the RBI to raise the key interest rates to curb the inflation implies slowing down of economy growth rate.
From last two weeks accumulation was going on in this counter on expectation of possible hike in oil and LPG prices to bridge the subsidy gap by empowered group of ministers. Yesterday the empowered group of ministersannounced much awaited increase in prices of petrol, diesel and LPG which resulted in sharp increase in the share prices of this counter. From here we expect rally to continue in this counter probably up to 440 mark.
BPCL
Technical View
BPCL shot up sharply as expected, above 569 to 595-634 levels , and may continue its upmove to 658 levels in near future, till it stays above 595 levels.
HPCL
Technical View
HPCL has closed above the resistance of 385 and may continue to move upto 415-425 levels in near future.
ONGC
Technical View
ONGC has closed above the resistance of 1220 and now may even hit 1280-1300 levels in near future, if continues to close above 1220 levels.
GAIL INDIA
Technical View
Gail india as expected hit our target of 485 levels, it may continue to move upto 500-520 levels if continues to close above 480.
If nifty manages to breach the 5,220 then we could see downside up to 5,100 mark in forthcoming trading sessions. Nifty is currently facing stiff resistance at 5,350-5,360 if this level breached decisively then we could see rally up to 5,450 mark and on the flip side strong support at 5,220 if this level breached then we could see fall up to 5,100 mark.
Expecting nifty to remain range bound in between 5,200 and 5,360 in short term. Nifty is likely to move in tandem with its global counterparts and would remain depended on them for any major breakthrough on either side. However domestic markets factors like today’s increase in oil prices could hamper the equity market in short term as increase in oil prices could result in higher inflation number. This could force the RBI to raise the key interest rates to curb the inflation implies slowing down of economy growth rate.
From last two weeks accumulation was going on in this counter on expectation of possible hike in oil and LPG prices to bridge the subsidy gap by empowered group of ministers. Yesterday the empowered group of ministersannounced much awaited increase in prices of petrol, diesel and LPG which resulted in sharp increase in the share prices of this counter. From here we expect rally to continue in this counter probably up to 440 mark.
BPCL
Technical View
BPCL shot up sharply as expected, above 569 to 595-634 levels , and may continue its upmove to 658 levels in near future, till it stays above 595 levels.
HPCL
Technical View
HPCL has closed above the resistance of 385 and may continue to move upto 415-425 levels in near future.
ONGC
Technical View
ONGC has closed above the resistance of 1220 and now may even hit 1280-1300 levels in near future, if continues to close above 1220 levels.
GAIL INDIA
Technical View
Gail india as expected hit our target of 485 levels, it may continue to move upto 500-520 levels if continues to close above 480.
