DAILY REPORT FOR
NIFTY (5111 +112 pts)
Supp 5070/5030/4990 Res 5140/5165/5250
SENSEX (17125 +404 pts)
Supp 17000/16870/16780 Res 17240/17390/17600
Outlook for
· Nifty faces good resistance around 5150-5180 levels and we may see some reaction from those levels. 200 Day Simple Moving Average stands at 5150.
· As this is a pullback rally, one is advised to take profits in the stocks which have done really well. The rally can still extend towards 5350-5400 if we are able to cross this current resistance.
· For today’s trading, intraday correction can find support at 5070. The trend will be governed by RBI Credit Policy on 29th and Fed meeting on 30th.
· Tata Motors (639):- Buy for target of 690-700. Keep SL at 614.
· Reliance Industries and L&T are looking good for short-term up move and they can lead this rally in coming week.
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.
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