Stocks to Watch for the Week

During the week, optimistic economic data including rise in Indian exports and advance estimates of GDP helped market to scale higher. Sensex closed the week gaining 236.94 points at 16,152.59 and Nifty up by 69.60 points at 4,826.85.

Nifty consolidated within a range with a positive bias during last week and tested 4,675 level on the lower side and 4,844 level on the upper side on the back of mixed global cues.

At present, Nifty is trading slightly above its 200 days exponential moving average on the daily charts, which is expected to provide it a strong support.

The technical indicators are still supporting its upward move and hence it is likely to continue its uptrend in the coming week as well.

But, it needs to breach its immediate resistance at 4,850 in order to move higher. Its MACD is about to give a buy signal by crossing above the signal line and RSI is at 42 levels which is also suggesting an upward move.

Global markets movement will also remain the key factor in deciding the trend for Indian market.


Upside 4,850 is the immediate major resistance for Nifty and if this level is breached, an upward move until 5,000 can be expected. Downside, it can test 4,600 levels if the crucial 4,750 support level is breached.

India's industrial output grew at its fastest pace in at least a decade in December, in further evidence of a strong economic recovery that could allow the government to follow the RBI in withdrawing stimulus.
Industrial output grew 16.8 per cent in December from a year earlier, up from revised annual rise of 11.8 per cent in November and also above analysts forecast for a 12 per cent rise, data showed on Friday.

Stocks to watch for the next Week:

MPHASIS

During the Current Week Mphasis Gained Momentum, and Crossed it’s Downward Sloping Trendline, the Stock is Trading Above all its Short Term Moving Averages. We Recommend Traders to buy this Stock Between Rs. 725 – 730 With a Stoploss Of 705 for a Target Of 750-770 in Near Future.

ORCHID CHEM

Orchid Chemicals has Been Stuck in a Downward Slopping Channel from the First Week of January 2010.

This Week the Sharp Increase led the Stock Closing above its Downward Sloping Trendline, This was Backed by Jump in Trading Volumes.

We Believe the move Above Rs 155 Could see the Stock Touching Rs 168 in Next one or two Weeks. We Recommend Traders to buy This Stock Between 155-156 With Stoploss of 151 for Target of 168 to 170 in Near Future.


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Gold and Copper Stock Prices

Gold:

Gold Dropped on Friday on a Dollar Rally as Worries for Debt-Stricken Greece and a Surprise Move by China to Tighten Money Supply took a Toll on Sentiment.

Last Week, Gold was 2 Percent Higher, Partially Recovering from a two-day Sell-Off Late Last Week Driven by Technical Weakness And Heightened Fiscal Fears for Some European Countries. "The Gold Market has Been hit by Some Very Negative News -- the Chinese Monetary Tightening and Further Unwinding of The Carry Trade Related to Uncertainty Over Greece,"

Last Week Comex Gold was in Range Between 1060 $ to 1104$ an on Ounce , but in the Coming Week if Comex Gold Breaks the Level of 1030 $ an Ounce and Sustains Above it then it has a Chance to Make a Good Rally On The Upside, But if Comex Gold did not Sustain on the Upside Then it has a Chances to Break the Recent low.
Now the Supports and Resistance for the Coming Week are:
Major Support for Comex Gold in the Coming Week would be 1040 and $1025 and Resistance at $1127 and $1147
Major Support in MCX Gold Is 15700 And 15420
Major Resistance in MCX Gold Is 16650 And 17120

Copper:
Copper Prices fell on Friday Under the Weight of a Stronger Dollar, Mixed Economic Data in The United States and Further Monetary Tightening Moves in China, Which Triggered Renewed Worries About Near-Term Demand Prospects in the World's top Metals Consumer. In Comex Copper this Week Fresh Buying came after it made a low of 281 Last Week. In the Coming Week Copper is expected to be in a Consolidate Mode between the Range of 280 and 325 To 334. For The Coming Week If Comex Copper Sustains Above 316 Then We Can See The Levels of 324 and 334. All Over Trend of Copper is Still Week, Supports for Comex Copper for the Next Week Would be 288 and 263 and Resistance at 325 and 347. For MCX Copper Resistance Would Be Found At 329 and 348 and Support at 302 and 280.


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Commodity Tips for the Week

GOLD

Gold fell to its lowest in more than three months on Friday, ending the week 2 percent lower, as economic uncertainties led to heavy selling in gold and other investments perceived as riskier. Bullion dropped further after posting its biggest one-day loss since 2008 on Thursday, hit by sovereign debt fears in Europe, and signs that economic recovery in United States and China has hit a rough patch.

TECHNICALS

LAST WEEK COMEX GOLD HAS BROKEN ITS MAJOR SUPPORT OF 1073/1070 $ AN OUNCE AND CLOSED BELOW THAT, IF COMEX GOLD SUSTAINS BELOW THAT THEN IT CAN TOUCH THE CRUCIAL SUPPORT OF 1025/1020 $ AN OUNCE.

NOW THE SUPPORTS AND RESISTANCE FOR THE COMING WEEK ARE:
MAJOR SUPPORT FOR COMEX GOLD IN THE COMING WEEK WOULD BE 1040 AND 1025$
MAJOR RESISTANCE FOR COMEX GOLD IN THE COMING WEEK WOULD BE 1127$ AND 1147$
MAJOR SUPPORT IN MCX GOLD IS 15700 AND 15420
MAJOR RESISTANCE IN MCX GOLD IS 16590 AND 17120

Comex Copper is quite bearish and if it sustains below 280, then it can show the levels 275 and 262 in the upcoming week, for the next week comex copper has support at 262 and 243 and resistance at 302 and 315. In mcx copper supports are
jza at 283 and 261 and resistance at 312 and 329.


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Stock Tips for the Week

Indian markets ended deep in the red on Friday as bears came out in the open following unexpected rise in jobless claims in the US and deficit scare in Europe. All the sectoral indices closed in the red, with realty, metals and capital goods being the worst hit.

Nifty ended at 4718.65, down 163 points or 3.35 %. The index fell below the psychological support of 4700 to touch a weekly low of 4692.35.

“Nifty trend is weak as the global sentiments are not in favour of the stock markets. If we look at the Indian markets, Nifty has fallen by only 11 % from their recent high of 5310 but technically trading near to its oversold region as the oscillator RSI is at 29 on the daily chart.

In the short term we don’t see a major downtrend from this current level of 4,710 and chances are that we could bounce back from the level of 4,660 / 4,580 levels. And to the extreme the fall could extend up to 4,410 / 4,140 if any major negative news flows from the Asian or Western countries or if the Indian budget is not encouraging.

India’s benchmark indices are down about 11% from their recent peak, making stocks cheaper, but concerns over deficit, earnings and policy remain. Investors may wait till the Budget on February 26 to take a call on investments as they would want to see whether finance minister Pranab Mukherjee takes tough measures to put the house in order, or gives in to corporate demands to retain stimulus.


STOCK FOR NEXT WEEK:

BUY DABUR INDIA IN CASH IN NSE ABOVE 172.05 WITH SL OF 169.45,TGTS 174,176,177.80.

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