Stock Market Prediction – Expect Profitability on October 14

Indian markets skyrocketed on Friday n buying in IT stocks as the country's second largest software exporter Infosys posted smart quarterly numbers and raised annual sales forecast, amid a firming global trend. As expected the IT companies helped the leading indices sustain the elevated levels. Indian Equity market scaled to three week high on back of strong global cues and good results delivered by Infosys.

On daily chart nifty has formed hanging man which is a reversal pattern and RSI is showing negative divergence. If we sum up all this point this hints towards some correction in market. However we need confirmation on candlestick and on closing basis. As long as nifty is holding 5970 on closing every dip would be considered as buying opportunity. For intraday Nifty has stiff resistance is around 6120-6150. On downside nifty has strong resistance around levels of 6040-6000.

Reports Suggested:

• J&K Bank is targeting to grow its post-tax profit by 25 per cent to Rs 1,300 crore.
• Ten-year U.S. Treasury future contracts for December delivery rose 3/32 to 126 7/32, based on electronic trading at the Chicago Board of Trade
• The nation’s consumer price index rose 3.1 percent from a year earlier, that excedded the 2.8 percent median estimate.
• Gold was down 0.1 percent at $1,270.61 an ounce, after slipping 3 percent last week. Silver slid 0.9 percent.
• Nickel for three-month delivery on the London Metal Exchange fell to $13,841 a metric ton while copper snapped a two-day advance. Zinc slipped 0.2 percent, dropping for the first time in seven days, and aluminum lost 0.6 percent.

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