DAILY REPORT FOR
NIFTY (5049 +12 pts)
Supp 5030/4970/4910 Res 5080/5120/5150
SENSEX (16783 +45 pts)
Supp 16560/16450/16200 Res 16890/17140/17350
· Markets to open flat to positive and an intraday correction can find support around 16560. Break below this level will only mean some correction but above it we can see 17200 being chased by the Sensex.
· ONGC performed yesterday and it is still looking good for target of 1150-1170, possibly in this settlement.
· One has to pick solid growth stocks and avoid speculative companies as this is not a bull market rally it is just a pullback.
· DLF (674):- Buy only around 660-666 with SL 635 and Target 730-740
· Prism Cement (46.10):- Buy around 45-45.50. The stock should target 50 in a week’s time. Keep SL at 42.50.
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.