Key indices settled with small losses as profit booking emerged after indices hit record highs in the recent past. The Sensex settled below the psychological 30,000 mark after regaining that mark during the week. The Nifty had hit record closing high on 4 May 2017. Key indices had posted decent gains on 4 May 2017 that saw Nifty scaling record closing high on that day after witnessing listless trade in first two sessions of the week. However, drop on the final session of the week tracking weak global stocks caused indices to wrap the week with minor losses.
Key benchmark indices ended the lacklustre trading session with tiny losses on Wednesday, 3 May 2017, as lower European stocks weighed on sentiment. The Sensex declined 26.38 points or 0.09% to settle at 29,894.80, its lowest closing level since 24 April 2017. On the macro front, data released by Market Economics during market hours on 4 May 2017 showed that the rate of increase in Indian service sector activity weakened in April 2017. The headline seasonally adjusted Nikkei Services PMI Business Activity Index was down at 50.2 in April, from 51.5 in March.
Weekly Nifty Recommendation (22nd – 26th May)
Technical Front: – On Nifty weekly chart strong resistance is seen at 9370. If it breaks with high volume, more bullishness is expected.
Nifty Directional: – Buy Nifty Future above 9500 Target 9550, 9600 SL- 9430
SELL UPL FUTURE BELOW 760 TARGETS 752, 744 Stop Loss 770
BUY IBREAL FUTURE ABOVE 176 TARGETS 177, 178 Stop Loss 174.5
SELL SUNTV FUTURE BELOW 850 TARGETS 840, 830 Stop Loss 865