Dalal Street Week Ahead | Stocks and Commodities

January 18, 2014
Time: 10.30 am

Dalal Street Week Ahead:

1. Last week I mentioned that Nifty should take strong support at 8000 as that strike had the highest open interest.
2. I also mentioned that if 8400 is crossed, Nifty may cross all time high provided global cues and corporate results are good.
3. Our corporate results were good but global cues were not good.
4. So our Nifty is more than 100 points below the all time high level.
5. But on Monday Nifty is likely to open about 100 points higher.
6. So this week Nifty will revisit all time high.
7. SGX Nifty closed at 8608 on Friday night.
8. After SGX Nifty closed, US markets shot up.
9. Coming week, not many top corporate results are due except HUL.
10. Reliance results were in line with estimate and that neutral to market.
11. Important news to watch: China GDP data on Tuesday, ECB stimulus program on Thursday and Greece elections on Sunday.
12. Nifty trading range has been shifted from 8000 - 8600 to 8200 - 8800.
13. So Nifty future is likely to trade between 8200 and 8800.
14. Markets will become volatile towards the end of the week.
15. I mentioned that I was long on Friday afternoon and Monday I will be a happier person due to huge gap up open.