Markets managed to eke out modest gains of over one tenth of a percent, which took Sensex and Nifty above crucial levels of 27,050 and 8,100 on the indices for the passing week. The coming week is expected to be volatile one for Indian equity markets on account of F&O expiry, which is scheduled to take place on Thursday, September 25, 2014.
Meanwhile, market-participants, as usual would continue to track the momentum of rupee, FII trend. Besides, they would also track latest updates on monsoon. According to latest weather report, monsoon is likely to start withdrawing from the country within three-four days, more than a fortnight later than normal. However, with the withdrawal now in sight, the season's rain shortfall is expected to remain above 10%, making it a 'deficient' monsoon this year.
Besides, Power stocks would remain in focus for the coming week after Supreme Court on Friday restrained the CBI from filing any charge sheet or closure report in coal scam cases till it decides whether the investigating agency deputed director Ranjit Sinha to deal with the probe and prosecution for coal block allocation scam. Even Public sector Oil marketing companies (OMCs) stocks could be in limelight as amidst expectation that the fuel prices will be cut soon, which will be the first downward revision in over five years.
On the global front, market-participants would be eyeing slew of economic data from world’s largest economy US, starting from Existing home sale data on September 22, followed by New Home Sales data, Durable Goods Orders, Jobless Claims and finally, GDP data on September 26, 2014.
Developments from Prime Minister Narendra Modi's US tour from September 27-30 will be closely watched. Narendra Modi will meet US President Barack Obama at the White House on 29-30 September 2014. The two leaders will discuss a range of issues of mutual interest in order to expand and deepen the US-India strategic partnership. They will discuss ways to accelerate economic growth, bolster security cooperation, and collaborate in activities that bring long-term benefits to both countries and the world.
During the week, Nifty made a high of 8160.90, low of 7925.15 and finally closed at 8121.45 with a weekly gain of 15.95 points. For the coming week, 7977 followed by 7833 are likely to be good support levels for the Nifty, while it may face resistance at 8213 and further at 8305 levels.
WEEKLY TECHNICAL LEVELS-INDICES-EQUITY
NIFTY- PIVOT POINT 8069
MAJOR SUPPORT 7977 7833 7742
MAJOR RESISITANCE 8213 8305 8449
SENSEX-PIVOT POINT 26934
MAJOR SUPPORT 26621 26151 25837
MAJOR RESISTANCE 27404 27717 28187
WEEKLY TECHNICAL LEVELS-CURRENCY-USD-INR
PIVOT POINT 61.03
MAJOR SUPPRT 60.70 60.48 60.15
MAJOR RESISTANCE 61.24 61.57 61.78
MARKET EVENTS FOR THE NEXT WEEK
SEP 22 CHINA-MFG PMI
SEP 23 PMI MFG DATA OF US, JAPAN & EURO ZONE
SEP 24 US NEW HOME SALES, GERMANY BUSINESS CLIMATE DATA
SEP 25 CONSUMER DURABLE ORDERS-US, EURO ZONE MONEY SUPPLY(M3)
SEP 26 US GDP DATA
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