Nifty on corrective path
Indian shares closed flat to higher on Monday after recouping losses in afternoon trade following positiveEuropean cues. Nifty went closer to 5700 level with the index hitting an intraday high of 5,693.70, before closing with gains of 11.20 points at 5,687.25. The much awaited inflation came in at 7.81 percent for the September, which was slightly higher compared to 7.55 percent in August due to hike in diesel price by Rs 5 a liter in last month. But that was largely in-line with analysts' expectations of 7.73 percent.
Nifty is expected to face support and resistance between 5,650 and 5,750. Currently, all the technical indicators are in the profit booking phase with RSI at the level of 58. However, MACD which has crossed-over for a bearish indication. The first resistance, for the week ahead, is 5,740 followed by 5,760. In case, Nifty crosses this psychological level, it can further test 5,800 mark on upside. While the first support, for the week ahead, will be at 5,650. A fall below that level could drag Nifty near to 5,600 after hitting fresh 2012 highs, the Indian benchmark indices are expected to take a breather before determining the next direction of the market. FIIs have a huge long position in cash segment but they don’t have in proportionate long positions in stock future, indicating selling could be emerged at higher levels.
SHORT TERM OUTLOOK ON STOCKS
Stocks with short term Bullish Outlook:
STOCK S1 S2 R1 R2
HINDALCO 117.9 115.7 121.4 122.7
SIEMENS 687.07 676.03 705.07 712.03
Stocks with short term Bearish Outlook:
STOCK S1 S2 R1 R2
MARUTI SUZUKI 1320.07 1301.88 1370.37 1402.48
INFOSYS 2341.6 2317.6 2400.8 436
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