The passing week was cheerful for the markets when the major bourses moving higher for four out of five sessions managed gains of about two and half a percent and the Nifty managed to retain its 6300 level.
In the coming week, markets will be awaiting Consumer Price Index (Industrial Workers) data, which is scheduled to be released on July 31, 2014. However, ongoing result season would mainly provide cues. In the coming week, biggies like Canara Bank, Exide Industries, HDFC , HDFC Bank, Idea Cellular, Hindustan Zinc, Asian Paints, Axis Bank, Ceat, ING Vysya Bank, Thermax, Cairn India, L&T Finance Holdings, MRF, Yes Bank, ACC, Ambuja Cements, Bharti Infratel, Biocon, Mahindra & Mah Finance, TVS Motors , Wipro, Colgate Palmolive, JK Lakshmi Cement, Indian Bank among others.
Besides, investors would also be tracking weather updates on monsoon, FDI trend and Rupee momentum among other things. As per the latest weather report, the southwest monsoon covered the entire country on Thursday, on the back of a surge in rain that has seen the monsoon deficit reduce 8 percentage points in the last five-six days.
On the global front, traders will be eyeing important macro data from US, starting with Consumer Price Index on July 22, followed by Existing Home Sales, Jobless Claims, New Homes Sales, Fed Balance Sheet and finally Durable Goods orders data on July 25, 2014.
Technical viewpoints
During the week, CNX Nifty touched the highest level of 7,685.00 on July 18, 2014 and the lowest point of 7422.15 on July 14, 2014. On the last trading day, the Nifty closed at 7663.90 with a weekly gain of 204.30 points or 2.74%. For the coming week, 7495.70 followed by 7327.50 are likely to be good support levels for the Nifty, while the index may face resistance at 7758.55 and further at 7853.20 levels.
WEEKLY TECHNICAL LEVELS-INDICES-EQUITY
NIFTY- PIVOT POINT 7590
MAJOR SUPPORT 7495 7327 7232
MAJOR RESISITANCE 7758 7853 8021
SENSEX-PIVOT POINT 25415
MAJOR SUPPORT 25117 24594 24296
MAJOR RESISTANCE 25939 26327 26760
USD/INR-NSE
PIVOT POINT 60.14
MAJOR SUPPRT 59.82 59.27 59.14
MAJOR RESISTANCE 60.50 60.82 61.18
MAJOR EVENTS FOR THE NEXT WEEK
21 JULY GERMAN PPI
22 JULY USA CPI
23 JULY CRUDE OIL INVENTORIES USA
24 JULY REATIL SALES UK
25 JULY BANK LOAN GROWTH INDIA
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