Pinc Research

Commodities Outlook by PINC Research

Commodities Outlook by PINC ResearchAluminium - We had stated that the positive trend of Aluminium will be dented below $2500. It made a low of $2450 last week and the structure remains weak. Further downsides can be expected only below $2450.

Zinc - The pull back rally in Zinc remained sideways with a positive bias last week. The overall trend however remains weak and a move below $2225 can trigger more selling.

Copper - Copper made a smart and swift recovery from the lows of $9000. It may see continuation of its upward strength above $9600 from where it can reach higher levels.

Sector Watch Outlook by PINC Research

Sector Watch Outlook by PINC ResearchCNX Defty - Our stance remains the same as earlier. Medium term technicals suggest a neutral view at this stage but oversold technical indicators suggest that bearish fatigue may be setting in. Even if a decline is underway, it may lack significant directional force and may at best be drifting downward momentarily. It is a wait and watch as we await the trend change that can occur.

BSE PSU witnessed a sharp pull back closer to 8400 level last week. This indicates that the chances of any serious downside may be minimal. The time to have a cautiously optimistic stance may have come.

Index Watch Outlook by PINC Research

Index Watch Outlook by PINC ResearchNifty making a trend channel: The Nifty has made a trend channel since October 2009. After falling back into the channel, the Nifty reached its lower support level of 5200. This was as per our expectation. The Nifty has received support at the lower channel line and this can lead to a technical bounce back.

Indian and Global Outlook Technical Analysis by PINC Research

Equity indices: Nifty continues to remain in a trading band and thus makes no significant impact to our earlier outlook. We prefer to be reactive than proactive in giving a clear trend directional call at this point. But having said that, every passing day serves us as a guiding light to what can be forecasted in the near future. We had projected earlier that the index may vacillate with no clear directional thrust and thus sending confusing signals. This stance still persists even after Friday’s weekly close.

Daily Technical Trend Report by PINC Research

Daily Technical Trend Report by PINC ResearchMarkets opened lower and traded choppy today with a negative bias before ending the day at 5446 down 1.17%.The broader market outperformed the benchmarks. S&P CNX 500 was down 0.90% and CNX midcap was up 0.02%. After looking at today’s move, our stance remains more or less the same as earlier. Our observation from the last few days indicates that selling is reluctant at lower levels closer to around 5400 level. We may see a positive trend emerging which could have the potential for an upside breakout however that would depend on more development.

Daily Technical Trend Report by PINC Research

Daily Technical Trend Report by PINC ResearchMarket trimmed most of the early losses which was on the back of extremely weak Asian cues to close the day at 5449. Yesterday, Nifty made a strong advance to close a shade below 5350 level. However, today’s early gap down, nullified all of yesterday’s upside strength. Nifty recouped more than 126 points from the day’s low of 5372 to make an intra day high of 5499. Today’s recovery from the low suggests that selling is reluctant at lower levels and this could help the build up for a medium term rally that may occur in the near future.

Global Equities Technical Analysis by Pinc Research

Global-equitiesS&P 500: S&P500 slipped last week and is in a short term downtrend at current levels. The coming week may see this index coming close to its support of 1270.

BOVESPA: We had mentioned last week that BOVESPA will show an upward momentum above 68100. Such a move did not happen last week. On the contrary, it has weakened below 66200 thereby making the short term trend weak.

Currencies Technical Analysis by Pinc Research

currencyDollar/Rupee: Dollar/ Rupee depreciated slightly last week and continues to trade in a small range of 44.90-45.50. Technically, in the short term, the downtrend still remains intact. Only an upside technical breakout above 45.50 will confirm a reversal of the trend beyond which it can target 46.00 level.

Euro/Dollar: Contrary to our view, the EUR/USD fell and its downward momentum sustained for the major part of last week. The coming week can see it move sideways and retest its recent high of 1.40 level.

Commodities Technical Analysis by Pinc Research

commoditiesAluminium: Aluminium took support near our projected level of $2545 last week. In the coming week, the trend in Aluminium may remain sideways with a positive bias as long as the level of $2500 holds.

Zinc: Zinc declined considerably for the major part of last week. $2200 remains a good support on the downside which is also a 200DMA. Acceleration of this downtrend will only occur below $2200. A pull back rally in the coming week may take it closer to $2400.

Sector Watch Technical Analysis by Pinc Research

sensexCNX Defty: Medium term technicals suggest a neutral view at this stage
but oversold technical indicators suggest that sharp declines may not be
round the corner. Even if a decline is underway, it may not be sharp
and lack any directional force and may at best be a drifting downward
moment. It is a wait and watch as we await the trend change that can
occur.

BSE PSU: BSE PSU remained sideways with a slight positive
bias last week. This week can see the index declining to 8400 level or
lower.

BSE Bankex: Since the level of 12850 could not be breached

Index Watch Technical Analysis by Pinc Research

NiftyNifty making a trend channel: The Nifty has made a trend channel since October 2009. After falling back into the channel, the Nifty reached its lower support level of 5200. This was as per our expectation. The Nifty has received support at the lower channel line and this can lead to a technical bounce back.

Short / medium term oscillator is oversold: The short/medium term oscillator (Stochastics) has moved up after it hit oversold levels. This diminishes the odds for the index to decline further at a quick pace. The index has moved sideways albeit with high volatility. This tendency is likely to carry into the next week.

Indian Stock Market Technical Analysis by Pinc Research

stockEquity indices: The market’s movement in the last week has entirely justified our guarded stance. As we had mentioned in our last weeks report, the index continues to vacillate with no clear directional thrust. We expect the market to continue with this characteristic and send confusing signals for some more time.

Coromandel International Ltd Technical Analysis by Pinc Research

Coromandel-InternationalMinistry of Chemical and Fertilisers, DOF announced the Nutrient based subsidy for complex fertilisers for FY12. Subsidies are revised upward on the back of higher international prices for raw materials/ fertilisers. Govt has emphasised that the fertiliser prices at farmgate should remain at current levels and there should be no significant increase in FY12.

Upward revision in subsidy for FY12: Subsidies for primary nutrients N, P & K and secondary nutrient S has been revised.

Daily Technical Research Report by PINC Research

Daily Technical Research Report by PINC ResearchNIfty opened weak in line with other asian markets and hit a low of 5468 in the early hour of trade. It dilly dallied through the day in a small range with a positive bias before closing the day at 5494 down 36 points. Our view remains the same as yesterday’s. In the short term, Nifty will continue to face stiff resistance around 5600 level. Our medium term view would remain neutral as long as the level of 5600 is not taken out on the upside. The NSE Mid Cap index too is indicating a short term resistance at 7700.

Buy Nestle With Target Of Rs 3,208 by PINC Research

Buy Nestle With Target Of Rs 3,208 by PINC ResearchWe initiate coverage on Nestle with a Sell recommendation and a TP of Rs3,208. We believe entry of new players in the hitherto-secure noodles segment challenges Nestle’s ‘cash cow’. Further, we believe the premium enjoyed by the stock vis-à-vis FMCG peers is unjustified and would correct.

Volume to drive growth

Daily Technical Research Report by PINC Research

Daily Technical Research Report by PINC ResearchNifty (5531 - up 10 points): NIfty opened on a strong note but ensuing weakness after the gap up ensured that all the early gains were erased after few hours of opening. But a smart pull back from the lows of 5478 post noon ensured that Nifty closes at 5531. Our view in the short term is that Nifty will continue to face stiff resistance around 5600 level. Technical indicators in the short term don’t point out to overbought conditions yet. Our medium term view remains neutral as long as the level of 5600 is not taken out on the upside. The NSE Mid Cap index too is indicating a short term resistance at 7700.

Global Equities Outlook by PINC Research

Global Equities Outlook by PINC ResearchS&P500 dilly dallied and moved in both directions last week. Coming week might witness stiff resistance at 1350 level. The trend looks indecisive at present.

Bovespa made a smart upmove last week. If it continues to trade above 68100 then a short term uptrend is confirmed which can take the index closer to 70000 in the coming week.

SSE market remained sideways with a positive bias last week. If it fails to conquer 2950, then weakness could seep in which can see it retest its recent lows closer to 2850.

Currencies Outlook by PINC Research

Currencies Outlook by PINC ResearchContrary to our view Dollar/Rupee slipped and kept making lower lows last week. Coming week could see it drift lower but possibly at a much slower pace. Supports to watch is 44.60 and resistance at 45.50.

Euro/Dollar

The EUR/USD maintained a bullish bias and breach of 1.3860 last week further added to its technical strength. The coming week could see it attempt higher levels closer to 1.4200 levels.

Dollar/Yen

Commodities Outlook by PINC Research

Commodities Outlook by PINC ResearchAluminium moved completely in line with our projections. However, its uptrend is appearing a bit tired at current levels. The trend can weaken below $2545. Till this support level is sustained, Aluminium can be seen as positive.

Zinc traded sideways for the major part of last week. Coming weeks may witness range trading within a band of $2400 on the downside and $2600 on the upside.

Sector Watch Outlook by PINC Research

Sector Watch Outlook by PINC ResearchMedium term technicals suggest a neutral view at this stage but oversold technical indicators suggest that sharp declines may not be round the corner. It is a wait and watch as we await the trend change that can occur.

BSE PSU had a good upmove from early part of last week. Its trend looks strong and 8750 level will be a stiff resistance on the upside for this index.

BSE Bankex also exhibited considerable strength last week. Its uptrend may persist if the resistance of 12850 is breached on the upside.



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