Weekly Market Forecast for 5-1-09 to 9-1-09
Published on Saturday, January 3rd, 2009 at 4:45 PMAuthor: rupeshydalal (402 Articles)
Market remains positive in this week : Nifty rose 189 point ( 6.63%) and Sensex rose 630 point (6.75%) in the last week. In last week, expectations of a second government stimulus package for the economy, hopes of further rate cuts by the central bank and buying by the foreign institutional investors, helped the market reverse losses of the preceding week. The market gained in four out of the five trading sessions of the week ended 2 January 2009
Finally, Govt. announced its 2nd stimulus package of Rs. 20,000 cr. The Reserve Bank of India has cut the CRR by 50 basis points, and both the Repo and Reverse Repo rates by 100 bps. This stimulus package is good for Auto, Construction, Infrastructure and Agriculture Sector. Very soon Govt. is going to cut the fuel prices. In short, overall this stimulus package will push stock market in positive side for short term.
Inflation based on the wholesale price index (WPI) rose 6.38% in the year through 20 December 2008, lower than previous week’s 6.61% rise.
FII inflow in December 2008 totaled Rs 1319.10 crore. FIIs pulled out a massive Rs 52,998.70 crore from equities in calendar year 2008, as against an inflow of a huge Rs 71,486.50 crore in calendar year 2007.
Use Stop loss strictly in your every trade, because market is heavily volatile with narrow trading range.
|
INDEX |
THIS WEEK CLOSE2-1-09
|
PREVIOUS WEEK CLOSE 26-12-08 |
PERCENTAGE CHANGE (%) |
|
SENSEX |
9,958.22 |
9,328.92 |
6.75 |
|
NIFTY |
3,046.75 |
2,857.25 |
6.63 |
NIFTY FUT. (3054):
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Last week nifty could not close above 3100. Weekly chart shows bullish engulfing in nifty and RSI is still near oversold position. Major Resistance is 3120 and Major support is 2842, so between this range nifty will be very volatile. Buy nifty if close above 3120 for target of 3182-3299. below 2932 nifty may touch 2846-2739.
HINDIALCO ( 56.05)
Buy this stock only above 59 for target of 65-69 and stop loss is 53.
BHARTIAIRTEL (704.90)
Sell this stock below 698 with stop loss of 729. Target is 668-648
INDIA INFO (67.90)
This stock shows good strength on chart, buy above 71 for target of 78-88. Keep strict stop loss of 57.
AMBUJACEM (69.10)
This made a reversal on chart, sell below 68 for taget of 61-56. Keep strict stop loss of 77.
Rupesh Yatesh Dalal
MARKETCALLS
http://marketcalls-stock.blogspot.com
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