DAILY REPORT FOR
NIFTY (4999 -23 pts)
Supp 4970/4915/4890 Res 5075/5120/5165
SENSEX (16721 +23 pts)
Supp 16660/16550/16440/16200 Res 16890/17240/17400
· We are still stuck in the range between 16600 and 16850 for the Sensex. The target of 17200 has been avoiding us for last 2 sessions and now that F&O expiry is over, we should see it happening quickly. Strong global markets can make it easier for the bulls.
· CAIRN (256):- Buy towards 250-253 with SL below 238 and the target of 298-303.
· Market breadth has to be watched closely. Volumes are rising but we are not having good advance-decline ratio to take this market further.
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.