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Wkly Tech Analysis: Sensex rally seen beyond 15,100

This article was posted on Jul 5, 2009 and is filed under Market Outlook

The market exhibited high level of volatility in intra-day trades during the week. The Sensex, after slipping in first half of the week, recovered towards the end on positive vibes from the Economic Survey and the Railway Budget. The index finally closed the week with a gain of 148 points at 14,913.
Among the index gainers — Tata Steel soared 13 per cent to Rs 438 and ONGC surged 9 per cent to Rs 1,041.

HDFC, Mahindra & Mahindra, NTPC, SBI and DLF also ended with significant gains. On the other hand, Tata Motors plunged nearly 12 per cent to Rs 340. Reliance Communications, ACC, Hindalco, Jaiprakash Associates and Hero Honda were the other major losers.

The index is likely to face some resistance around 15,100, above which the index may rally up to 15,475-15,825 during the course of the next week. However, in case the index fails to sustain above 15,100, it may slip towards 14,685-14,550. It may witness an accelerated fall once below 14,500.

Overall, the market will continue to favour the bulls as long as the index stays above the 12,600 level. On the upside, the index may scale the 18,000-mark during the quarter. The NSE Nifty moved in a range of 190 points, from a high of 4,440 it slipped to a low of 4,250. The index moved on expected lines as it faced resistance at 4,450 and found support at 4,250.

Going forward, though it’s difficult to predict, the Nifty seems on the verge of a positive breakout with a short-term target of 4,660 in sight. But any negative news could see the index slip to 4,140.

source: Business-Standard

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