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In the previous week the NIFTY closed at 6189. The NIFTY opened at 6202 and after touching the new high of 2013 i.e. 6252 we made a low of 6116 and closed at 6145. After three weeks of gains we closed lower as compared to the previous week.
We are still at the resistance level in the monthly charts. As I said earlier, that we should not rise very rapidly and also we should not fall very sharply.
The most important upcoming event in the coming week is RBI credit policy, it is on October 29. This will be the main driving force for market. Upcoming important results for the week are Dabur India 28 Oct 2013, Maruti 28 Oct 2013, NTPC 29 Oct 2013, Ranbaxy 29 Oct 2013, Bata India 30 Oct 2013, Bharti Airtel 30 Oct 2013, Lupin 30 Oct 2013. Here you can find more detail on upcoming results.
I hope positive opening on the Monday morning.
You may have seen that DABUR is making new life time highs. This is because it is another stock which is in the long term bull run. Any correction of 15% to 20% is a buying opportunity in this stock.
INR may be under pressure and it may not be able to rise further for the whole week.
ONGC receives $32mn from Petroleos de Venezuela.
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