|Weekly wrapNifty view for the week
Nifty Weekly report
Stop loss for all long trading positions may be revised to 5240. The level of 5180 is now a critical support for Nifty.On the higher side 5400 may offer resistance to Nifty this week.
Sector in Focus: BSE Metal index
A range bound movement is seen in BSE Sensex for past few weeks. After a sharp fall in the 2nd week of April, BSE Sensex managed to close higher in the previous week. BSE Sensex is expected to show range bound movement in the range of 17,700 & 17,000 in the current week and the upward breakout above 17,700 could give sharp rise up to 18,400 mark.
In such scenario, BSE Metal Index is also consolidating and at the verge of upward breakout above 11,550. The stocks like Coal India, Hindalco, JSW Steel and Tata Steel are good trading picks at their appropriate levels mentioned.
Debt Market for the week
10 Year benchmark yield likely to move in the range of 8.42-56% levels.
Commodity pick of the week: Lead
Strategy: Buy on dips till 107.50 with stop loss below 105 for a Target of 114.