Weekly wrap: Trading strategies

Weekly wrap

Nifty view for the week

Till the time 5240 is intact the on going upmove may take Nifty higher till 5400 to 5440 range.We recommend a hold for existing long positions with a revised stop loss of 5240.

A significant breach of 5240 however, would be the early indication of weakness which may take it down till 5150 and lower.

Sector in Focus: Bank Nifty Futures

The upward rally in BSE Sensex continued slowly and steadily in the first week of July. Now BSE Sensex is standing on a strong footing of uptrend which was seen in the entire month of June 2012. Now, the zone of 17,200 to 17,000 is expected to provide strong support in the current month which may provide perfect buying opportunity for the investors. Immediate Target for Sensex is at 18,000 and trend reversal is placed at 16,800 levels.

Along with Sensex, BSE Bankex is showing positive structure on weekly as well as monthly chart. Good buying prospects are visible in Bank Nifty Futures and as well as banking sector stocks like Federal Bank, HDFC Bank and Yes Bank in which we recommend buying in downward correction.

Debt Market weekly

10 Year Yield likely to move in the range of 8.05% to 8.16% levels.



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