DAILY REPORT FOR
NIFTY (4754 +15 pts)
Supp 4725/4685/4625 Res 4800/4855/4920
SENSEX (15750 +123 pts)
Supp 15650/15500/15300 Res 15900/16250/16450
Outlook for
· Opening is expected to be flat and sideways movement should happen in early trade. Intraday correction towards 4685 on the Nifty is not bad and if that level sustains, we can see a big rally today in late trade. Caution is advised below 4685.
· Market is pretty slow in moving up and short-term players would do well by having a portfolio of stocks instead of looking at new opportunities every day.
· Glenmark (479):- Buy for target 530-535. Keep SL 458
· ICICI Bank (784):- The stock can target 850-860 levels. Buy with SL 750 on closing basis.
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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