There was a good chance for Indian Market to close above 5220 but uncertainty at Global Markets, possible overheating in China and food inflation inches up to 16.44% made our market to close at 5178 level. On the upside, 5,225-5,220 is the convergence of the 20-50 day moving average, so it has acted like quite a tough resistance there. So if our markets breaks that we can see the 5,300 levels and on the downside there is a 100 day moving average at 5,120 which is acting like a very good support. The range right now is between 5,120 and 5,220, breaking which we can see another 100 point rally on either side.
As of now, the expiry looks like below 5220 though there is enough time to react the same.
For today, watch 5145 level which is crucial and below which market may hit 5120/5125 within no time.
SELL NIFTY BELOW 5145 WITH STRICT STOPLOSS OF 5168 FOR A TARGET OF 5125/5106/5088
BUY NIFTY ABOVE 5168 WITH STRICT STOPLOSS OF 5144 FOR A TARGET OF 5188/5204
BUY NIFTY 5200CE AROUND 63 WITH STRICT STOPLOSS OF 59 FOR A TARGET OF 74, 77
BUY NIFTY 5200PE ABOVE 88 WITH STRICT STOPLOSS OF 80 FOR A TARGET OF 100, 108
BUY ASHOKLEYLAND 75CA AROUND 0.40 WITH STOPLOSS OF 0.25 FOR A TARGET OF 0.70-0.80
BUY ICICIBANK 900PA AROUND 10 WITH STOPLOSS OF 9.40 FOR A TARGET OF 13, 15
BUY SUZLON 70CA ABOVE 1.20 WITH STRICT STOPLOSS OF 0.95 FOR A TARGET OF 1.70, 1.95
BUY UNITECH 75PA AROUND 1.10 WITH STRICT STOPLOSS 1.00 FOR A TARGET OF 1.40, 1.55
WATCH FOR ACC, MPHASIS, LICHSGFIN IN CASH SEGMENT FOR DELIVERY FOR A LONG TERM.
Disclaimer:: I have no position. I may trade on intraday position according to market position. Traders/Investors are advised to trade according to their own risk taking apetite.
