DAILY REPORT FOR
NIFTY (5195 +106 pts)
Supp 5145/5075/5020 Res 5225/5300/5365
SENSEX (17378 +362 pts)
Supp 17260/17140/17000 Res 17450/17560/17700
· RBI Credit Policy was announced yesterday and CRR was hiked once again by 25bps. Repo and Reverse Repo rates were kept unchanged and it was taken very positively by the markets. Real estate and bank stocks gained. Finance Minister’s proposed exemptions to the IT sector added fuel to the rally as BSE IT index shot up 5%.
· Nifty has managed to close above 200 Day SMA at 5157 but Sensex is yet to achieve that feat as its 200DSMA is at 17401.
· Going up, Nifty can face resistance around 5220-5240 levels but staying above 5140 it will remain very strong and we can see the rally extend towards 5350-5400 levels.
· M&M (645):- Buy around 635-640 with SL below 620. The stock can target 695-700 levels in short-term.
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.