A
fter opening on a subdued note, the benchmark Nifty continuously rose to make a high of 5297 yesterday. At the end of the day Nifty closed at 5289.05. It had a net gain of 53.15 points or 1.02% over the previous day’s close. Buying was witnessed across the board. Metal (Today, Tata Steel above 480 it may be nearly 489) and Information Technology (Today, you can watch for MPhasis) stock
s are on the buyers’ radar.
Technical
ly, Nifty has been moving within the range of 5210 and 5370 for last couple of trading sessions. So the immediate support and resistance are 5210 and 5370 respectively. If Nifty breaches 5370, an upward rally may carry it to 5435 in the short term. However, if Nifty breaks 5210, short term trend will be negative and it may go down to 5140.CUES FOR TODAY:
The index is below its 5-day average (at 5258) - Negative; below its 15-day average (at 5280) - Negative whereas it is above its 25-day average (at 5194) - Positive and is above its 200-day average (at 5078) - Positive.
GLOBAL CUES:
Though European marets ends nearly 1.5-2% high but DOW and NASDAQ has gave up almost all of their gains at end; All major Asian markets are trading in RED.
FOR TODAY:
On an intra-day basis Nifty has a support at 5264 and is likely to face stiff resistance near 5315. If it breaks 5264, it may go down further to 5225 and then 5206. However, a move above 5316 can see the Nifty going higher to 5340 and then 5372.
BUY NIFTY FUTURE (CMP 5306) ABOVE 5324 WITH STRICT STOPLOSS OF 5299 FOR A TARGET OF 5350/5380
SELL NIFTY FUTURE BELOW 5284 WITH STRICT STOPLOSS 5298 FOR A TARGET OF 5268/5240/5220
BUY CNXIT FUT AROUND 5938/5940 WITH STRICT STOPLOSS OF 5911 FOR A TARGET OF 6005/6025(+/- 10 POINTS)
BUY RELIANCE FUTURE ABOVE 1088 WITH STRICT STOPLOSS OF 1077 FOR A TARGET OF 10981110
BUY YESBANK AROUND 271/272 WITH STRICT STOPLOSS OF 266 FOR A TARGET OF 280/282
