Stock Tips

It was a good week for the Indian markets as the indices after huge consolidation finally gave an upside breakout on account of friendly budget by our Finance Minister Mr. Pranab Mukherjee. The measures which were taken in the budget focused on lower fiscal deficit ahead , implementation of GST and DTC from 1st April, 2011, focus on infrastructure growth in long term and tax relaxation for individuals and corporate. Both the indices the Sensex and Nifty surged more than 1.50% and managed to give a weekly close above their crucial levels of 16200 and 4900. For the coming week our market may take cues from how the global markets pan out. Technically, nifty will continue to face resistance at higher levels of 4970/5040 and will simultaneously find support at 4860/4830 levels. A decisive break of either range of 5040 on the upside or 4830 on the downside will give further direction of the markets. If we maintain above the 5040 mark then further rally may continue up to 5080/5130 levels whereas if the downside support is broken then nifty may drag towards 4780/4740 levels.

Stock to watch for the upcoming week:

Hindzinc: Hindzinc in its daily charts is replicating a bottoming formation. The stock is consolidating in the range of 1125 on the upside and 1065 on the downside. Once the stock gives a decisive breakout above its resistance mark of 1125-1130 the stock can head towards 1165/1190 levels whereas immediate support for the stock is seen at 1095 mark.