DAILY REPORT FOR
NIFTY (4877 +268 pts)
Supp 4830/4790/4750 Res 4915/4955/5020
SENSEX (16217 +928 pts)
Supp 16000/15880/15600 Res 16490/16680/16930
· Bulls came to the party yesterday as indices broke the roofs with nearly 1000-point gain for the Sensex. Volumes rose, breadth also improved. Institutions were waiting on the sidelines and came with full strength as FIIs bought more than Rs 3000 Cr in Futures and Cash market collectively.
· Expiry was just 2 days away and the markets bounced very timely. Bears were forced to cover the short positions and a lot of covering did happen yesterday. This looks like a perfect setup for squeezing the shorts and more covering is not ruled out.
· We can see some downticks intraday in days to come, but now our target of 17000-17500 looks nearer. IT stocks can outperform as they are showing great formations on charts. Infosys, Wipro, TCS and Tech Mahindra can be the leaders.
· Other stocks that are looking good:- GT Offshore, M&M, Maruti, Biocon, Siemens
· We can achieve 4915 in this move itself but a reaction towards 4790 is a possibility and one would rather wait for that level before opening intraday longs.
· Biocon (405):- Buy for target of 460-465 SL 384
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.