The Indian market trimmed losses after correcting by more than one and half per cent in the morning trade to end with marginal cuts on Friday. Benchmarks Nifty 50 and Sensex ended lower by around 0.20% as they extended weakness to the third day. Barometer indices declined 0.3% each this week. The week saw the market ending in the red thrice, while it closed with gains on two occasions amid volatility. 

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The broader Nifty50 fell 0.18% to close above 15,750, while the Sensex dropped over 100 points or 0.21% to end near 52,900-mark.  

Outperforming benchmarks, broader market indices Nifty midcap and smallcap gained around half per cent each.  

Nifty oil & gas ended with around four per cent cut after the Commerce Ministry announced additional excise duty on petroleum products. However, all other Nifty sectoral indices made a recovery to settle in the green. The recovery was led by FMCG, Realty and Pharma stocks.   

Unfavorable cues from the domestic market led to a weak start due to weakness in the rupee and selling in oil refineries as the government imposed an additional export duty on petrol and diesel, said. "Adding to the weakness, India’s factory output growth slowed down during June, as high inflation continued to dampen demand," the expert said. 

Meanwhile, certain stocks came in focus on Friday. These stocks were Mannapuram Finance, ONGC and MHRIL. Manappuram Finance closed with nearly our per cent gain, ONGC declined more than 13 per cent and MHRIL ended higher by five and half per cent on Friday. 

Here is what Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities Ltd, suggests one should do with the following stocks once the market resumes trading on Monday 

Manappuram Finance:  

After a long correction, the stock has formed double bottom formation. Post reversal formation, the stock consistently trading above 85 support level which is broadly positive. In addition, on daily charts, it has formed long bullish candle.  For the bulls, now 85 would be the key level to watch out for. above the same, the pullback rally is likely to continue up to 95-97. On the flip side, below 85 fresh rounds of selling possible. Below 85 it could retest the level of 82-80. 

ONGC:  

On last Friday, the stock witnessed a sharp price correction, it corrected over 12 percent. Long bearish candle on daily charts indicating further weakness from the current levels. Currently, the stock is trading well below, 200,50 and 20-day SMA (Simple Moving Average) which is largely negative. We are of the view that the weak formation is likely to continue in the near future. However, one quick pullback rally is possible if it succeeds to trade above 140. Above which, it could rally till 143-146. On the flip side, below 140 the correction wave is likely to continue till 128-125. 

MHRIL:  

After a medium-term correction, the stock took the support near 200 level and reversed. post promising reversal formation, it successfully clears the resistance of 220. Last Friday, the stock rallied over 5 percent and succeeded in closing above 200-day SMA. in addition, on weekly charts, it also formed long bullish candle which supports further uptrend. For the trend following traders 215 would be the sacrosanct level, trading above the same we can expect uptrend continuation wave up to 235-245.