Outlook of Indian Stock Market for 28th March, 2017

Daily trend of Nifty is up

Our trend of Nifty came in uptrend on 30th December, 2016 closing.

Trend of Nifty is still up. 9000 spot index is the last major support of Nifty and till index is above these levels, markets are expected to move up as trend is up. Overall situation worldwide is that markets have had a good distribution at higher levels so best we expect is a sideways consolidation rather than a one side rally as was happening. We hold our longs till the time trend is up. Strangely another observation going on in the market is that bonds have made a somewhat bottom and after a consolidation are moving up whereas stocks are doing opposite. With a breach of a Head and Shoulder formation on the dollar index, even the precious metals are doing much better internationally. (Rupee for a change is showing good strength.)

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Percentage of stocks came above 50% on 1st  January, and are still above 50% and till then we keep holding the deliveries.

Strong Futures

This is list of 10 Strong Futures: Jet Airways, Oriental Bank of Commerce, Rural Electrification, MRF, Sintex Industries, Bank of India, Apollo Tyres, CG POWER AND INDUSTRIAL, INDO COUNT INDUSTRIES and CEAT
Weak Futures

This is list of 10 Weak Futures: Idea Cellular, Divi s Laboratories, Jaiprakash Associates, Jindal Steel & Power, The India Cements, JSW STEEL LIMITED, Ashok Leyland, Tata Communications, Apollo Hospitals and Bharti Airtel
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