The market was very receptive to the election results. It gained momentum with congress wining Assam, Kerala and its all TMC in West Bengal. After a long time the congress got a big booster. The market is oversold and hence we feel it would look up in the short term. We see 5,650 as resistance for the market. If Nifty breaks 5,650 with high volume than only we can see upmove towards 5,700. However we feel for the coming week market to trade in the range of 5,450 and 5,650. Sectors to watch out for next week would be FMCG and banking. In FMCG space we prefer ITC, while in banking ICICI Bank is our preferred pick.
Friday the 13th is generally associated with bad luck. But, the Indian market didn`t suffer any misfortune and closed the week on a positive note. The market will take cues from the global markets and is expected to open on a flat to positive note on Monday . Nifty is in a phase of accumulation with 5,400 remaining a strong base level. The upside currently seems to be capped around 5,600. We expect the Nifty to trade in similar fashion as it is really lacking any leader to take it to higher level.
For intraday trading on Monday (16-May) trend deciding level is at 18580 / 5560. If indices trade convincingly above this levels then they are likely to test 18,700 - 18,850 / 5,600 - 5,650 levels. However, on the downside if 18,420 / 5,510 level is breached then indices may test 18,300 / 5,450 levels.
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