Nifty view for the week
4880 is now a make or break level. Trend to remain weak till Nifty trades below 5200. Sustenance above 4880 awaited for early signs of reversal. Else 4750 may be tested.
Sector in Focus: BSE Healthcare index
BSE Sensex witnessed a sharp fall after the breach of crucial level of 17,000 and touched the bottom of 16,234 in the previous week. The weekly chart BSE Sensex is suggesting more selling pressure to continue where immediate support is placed at 16,000 level.. Any upward bounce in the range of 16,600 – 16,800 would be good selling opportunity for short term players in the market.
The defensive sectors like BSE FMCG and BSE Healthcare Index has just started with their downward move. In this scenario, a prominent selling is visible in BSE Healthcare Index stocks. BSE Healthcare index may retrace its earlier uptrend and in this situation, the short selling positions can be initiated in the stocks like Aurobindo Pharpa, Dr. Reddy, Lupin , Ranbaxy from this sector with their respective stop loss and targets mentioned in the report..
Commodity pick of the week: Nickel
Strategy: Sell on rise till 927 with stop loss above 936 Target 908-885.