Equity Market Outlook by CapitalVia

The market ended the week on a weak note. Sensex was down 166.58 points or 0.84% at 19727.27 and the Nifty closed at 5833.20, down 49.05 points or 0.83%. Hero MotoCorp, Sun Pharma , Coal India , TCS and Jindal Steel are the top gainers in the Sensex. Among the laggards are BHEL , Tata Steel , Bharti Airtel , Hindalco and ICICI Bank .

Nifty futures drag down experiencing a steep fall in the prices wiping out all the gains at the end of  the weekly trading. It closed at 5888 down by 149.50 points from the previous week's close. Technically, index is having major support at the mark of 5800 and is likely to sustain at the same until it manage to breach the support level. Next support is at 5770.

For upside, major resistance is at the level of 6030 and 6100.

Stocks to watch on:

1. ACC

'Buy' above Rs 1,120 for target of Rs 1,165 with stop loss of Rs 1,075.

''Technically, the stock is trading range bound with the positive bias on daily charts and is forming a symmetrical triangle on short term charts, which is poised to be bullish in the forthcoming session. It is currently facing strong resistance at the level of 1,118 with the crossing of which prices are likely to surge in the near term. One may go for longs in the scrip above the mark of Rs 1,120 with strict SL of Rs 1,075 and target of Rs 1,165,'' it said.

2. Jain Irrigation Systems

'Buy' above Rs 61.50 for target of Rs 64.50 with stop loss of Rs 58.50.

''The stock is trading with the positive sentiment, consolidating sideways. It is currently facing major resistance at the level of 61.50 with the crossing of which an upward movement in the prices can be seen. One may go for long position in it above the level of Rs 61.50 for a target of Rs 64.50 and a strict stop loss of Rs 58.50,'' it said.