Nifty view for the week – May 07, 2012
Nifty breaches the support of 5150, hence turns negative. Further downside till 4985 and below that 4907cannot be ruled out. 5150 would now serve as a stiff resistance for Nifty.
Sector in Focus: BSE Bankex index
BSE Sensex finally breached the crucial level of 17,000 and now tumbling down with a full speed.. For past few weeks, BSE Sensex tried to maintain above 200 – DMA near 17,000 mark but failed to sustain as sharp fall was witnessed in the last day of previous week.
BSE Bankex is moving along with BSE Sensex as it has also broken its 200-DMA and now heading in southward direction. The short selling positions can be created in the stocks like IDBI, HDFC Bank and SBI at their respective levels.
Debt Market for the week
10 Year Government Bond Yield likely to move in the range 8.57 to 8.66 levels..
Commodity pick of the week: Copper
Strategy: Sell on rise till 444 with stop loss above 449.30 Target 430-428..