After logging gains in prior five weeks, key benchmark indices took a breather in the week ended Friday, 3 March 2017 as investors resorted to profit booking. Key indices edged lower in four out of five trading sessions during the week.
In the week ended Friday, 3 March 2017, the Sensex fell 60.52 or 0.21% to settle at 28,832.45. The Nifty 50 index fell 41.95 points or 0.47% to settle at 8,897.55. Domestic and global macroeconomic data, trend in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in week ahead.
The index of industrial production (IIP) data for January 2017, will be released after market hours on Friday, 10 March 2017. India's industrial production fell by 0.4% year-on-year in December 2016, following a downwardly revised 5.6% growth in the previous month.
NSE Top Gainers: HINDALCO, RELIANCE, INFRATEL, BHEL, HERO MOTOCO.
NSE Top Losers: BPCL, IDEA, EICHERMOT, NTPC, BANK BARODA.
Weekly Stock Recommendation:
Buy JUSTDIAL Future above 543 Targets: 546.3, 549.6, 552.9 Stop loss 536.4.
Buy HINDALCO Future above 201.2 Targets: 202.4, 203.6, 204.8 Stop loss 198.8.
SELL ASIANPAINT Future below 1008 Targets:S 1002,996,990 Stop loss 1020.
Weekly Nifty Trend
According to our technical analysis, weekly Nifty Market seems to follow the Bullish Trend, with having the Support around 8863, 8795 and Resistance around 9008, 9086 Buying On Dips will be beneficial for the traders.
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