Equity Market Outlook by CapitalVia

Equity Market Outlook by CapitalViaBear party  continues to dominate the markets, on the last day of the session profit booking was observed and Nifty nov fut closed at  6088 with weekly loss of 98bps. Major highlights this week were, index of industrial production (IIP) rose 2% in September 2013, showing increase in growth from 0.4% growth recorded in August 2013. CPI also rose to 10.1% slightly higher then expected. On thrusday Wholesale Prices Inflation (WPI) numbers were announced ,accelerated to an eight-month high of 7.0% in October Vs 6.46% in September.

For next week nifty Nov Fut show some bearish sentiments as Nifty has tested its major support level of 6060 so further downside rally can be expected. Major levels to watch are 6006 if Nifty nov fut manages to breach this level 5905 and 5835 are next on charts. Its resistance level is at 6155 crossing of this can take Nifty to levels of 6280 and 6335

Stocks to watch on:

SHRIRAM TRANSPORT FIN FUT- Technically stock is in recovery phase and is consolidating with positive sentiments and is sustaining above its risisng trendline thus one can go long in shriram tarnsport fin fut above the  level of 574 for targtes of  582 and 591

DISHTV FUT -  Technically, the stock is trading withPositive  sentiments  above its 10 and 50 MA on daily charts and is sustaining below its falling trendline , its major resistance level is at 55 one can take fresh long positions above the levels of 55 for the targets of 56.75 and 59