DAILY REPORT FOR
NIFTY (4771 +17 pts)
Supp 4725/4675/4625 Res 4835/4915/4975
SENSEX (15832 +82 pts)
Supp 15650/15500/15300 Res 15900/16250/16450
Outlook for
· Yesterday’s closing was very good for the markets. After ups and downs the whole day, we remained in positive territory. Now 4725 becomes a good support for the Nifty and in case we see some sell-off, 4675 should provide support. Below 4675 only one should be concerned about longs.
· Not breaking 4725 will mean breathtaking rally around late trade and we can see 4915 as today’s target.
· BHEL has fallen to a 7-month low, it looks oversold on graph. Short-covering can take the stock higher. Buy for investment. Short-term target can be 10-15%. CMP 1752
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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