Nifty is witnessing some consolidation between 5360-5411 levels. Nifty is having good at support at 5,344 while the resistance is there at 5,417 and 5,451. Nifty may once again try to break the psychological level of 5,400 today and if it sustains above 5400 level then we may see further upside for Nifty.
At present, Indian markets are following global cues. Anything bad or good news may trigger our markets. So, it will be fruitful if we arm ourselves with complete information on global markets.
Technically, the short term indicators are nearing their respective overbought zones but the medium term indicators are showing no change in their bullish structures. This can cause the markets to make a short correction and halt the trend for a while. The area of 5,500-5,550 is also seen as an important hurdle which the Nifty will need to cross.
MAJOR NEWS
Tata Comm collaborates with Google
AXIS Bank Q1 net climbs 32%
TCS Q1 consolidated net up 24.26% (y-o-y) -
UTV Software gains further on good result
Central Bank to raise 25 bn to support growth
Jyothy Labs gets order from ministry of defence
Cabinet okays SBI-State Bank of Indore merger
Cabinet approve new Rupee symbol to compare with €, £, ¥ and $Computers should have the Re symbol: Montek Singh Ahluwalia
Food inflation inches up to 12.81%
Asian markets trading lower; Hang Seng, Nikkei down
Wall Street ends flat; crude trading below $ 77 mark
One of the key dampener was Fed lowering their economic growth forecast to 3 to 3.5%
SGX Nifty is down by only 1 point and trading around 5383.50
FOR TODAY: It has been noticed that Nifty has built a good support around 5,350-5,360. So, buying is expected in Nifty around this level; Even Nifty may attract buying if traded above 5,411. So, it is suggested to stay long as long as Nifty holds 5350 (intraday). If Nifty trades below 5350, we may exit long.
1. Buy NIFTY FUT around 5362 with strict stoploss 5344 for a target of 5392/5401.
2. Buy BHARTIARTL FUT abvoe 297 with strict stoploss of 293 for a target of 299/302
3. Buy IFCI FUT above/around 57.65 with strict stoploss of 57.40 for a target of 58.50/58.80
4. Buy NIFTY 5300CE above 108 with strict stoploss of 101 for a target of 121
5. Buy IFCI 60CA above/around 1.10 with strict stoploss of 0.90 for a target of 1.40/1.60
6. Buy SUZLON 60CA around 1.80 with strict stoploss of 1.55 for a target of 2.20/2.45
7. Buy UNITECH 85CA around 1.15 with strict stoploss of 0.95 for a target of 1.55/1.70
