DAILY REPORT FOR
NIFTY (4609 +36 pts)
Supp 4590/4550/4515 Res 4650/4720/4775
SENSEX (15289 +295 pts)
Supp 15200/15050/14900 Res 15460/15730/15900
· We witnessed good intraday selling yesterday but that wasn’t enough and bulls had the upper hand as we closed with good gains. This is a sign of strength and buying is expected to continue.
· Now 4500-4520 becomes strong support for this move and we should aim 4775 to 4800 levels at least. Breadth was pretty negative yesterday but it can improve once we stabilize here.
· Individual stocks will outperform the broader market. Infosys, ACC, Bharti Airtel, Dr Reddy, Hind Unilever, L&T are looking good on graph and any rally in them can make the markets move up nicely.
· Infosys (1361):- The stock has bottomed out and can target 1490-1510 levels. Buy with SL at 1290.
Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. I am not responsible for any losses made by traders. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. I am trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations.