|Weekly wrapNifty view for the week
Nifty may test the level of 5300 once it clears 5200. The bias to remain positive till it trades above 5029.
Only in the event of 5029 is breached, we may see a deeper decline 4960.
Sector in Focus: BSE Auto Index
The month of June was uptrend reversal for BSE Sensex where after forming bottom at 15,749 on 4th June, it has rallied up to 17,110 levels in just 11 trading sessions. BSE Sensex is now hovering near its 200 – DMA near 17,000 mark and about to give upward breakout in this week.
Along with BSE Sensex, BSE Auto Index is also near its 200 – DMA and about to give upward breakout. The stocks like Cummins India, M&M and Tata Motors are indicating positive signal on the chart and can be bought for short term considering the target of 9700 for BSE Auto Index.
Commodity pick of the week: MCX Lead
Strategy: Buy above 104.30 with stop loss below 103.30 Target 106, 107.
Debt Market Weekly
10 Year Yield likely to move in the range of 8.05/8.18 levels.