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Markets next week - will it be up or down?

As per last week review, Nifty recorded an intra-week low of 2701, before pulling up to close the week higher.The index moved in a narrow band between 2700 and 2850 for most of the week. Moving onto next week, major results from index heavy weights like Reliance, Wipro and Reliance Capital are due to be announced, which could be a major factor the trend decider.

Now for next week:

The short-term trend in the index is down, there could be some sideways movement before the downtrend resumes taking the index lower to 2700/2500.Resistances for the week would be at 2860/2900. Failure to move past the first resistance would indicate the downtrend to resume.Strong medium-term support around 2500 should act as a good support in sharp declines.

Stock levels for index heavy weights:

Reliance Industries - RIL rallied higher from the intra-week low of at Rs 1,067 to close the week with a 6 per cent gain. The short-term trend in the stock is down, major support being at 1050 and resistance at Rs 1,274. A downward reversal from this level will pull the stock to Rs 1,067/ Rs 1,000.

State Bank of India - SBI declined below the key near-term support at Rs 1,140 on Monday, but remained range bound.Near-term view for this stock is bearish. The stock will face resistance at Rs 1,220 in the week ahead. A movement in the band between Rs 1,140 and Rs 1,220 is likely for a few sessions before the stock declines to Rs 1000 / Rs 940.

Infosys announced its quarterly earnings, the stock surpassed the resistance at Rs 1,200 to move higher at Rs 1,307. High volume recorded on this counter during last week’s up-move denotes that buyers are interested in adding to their holdings at lower levels.The stock faces strong near-term resistance around Rs 1,320.Reversal from this level can drag Infosys down to Rs 1,100 again.


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