DAILY REPORT FOR
NIFTY (4761 +114 pts)
Supp 4725/4685/4625 Res 4810/4860/4920
SENSEX (15757 +414 pts)
Supp 15600/15510/15300 Res 15850/15970/16240
· Sensex tested twice the support at 15300 last week and now Nifty has made a double bottom too at 4628. Shorts will be forced to cover until this support is taken out. Now we should look forward to 4915 at least as the target. Actual target for the Nifty can be considered to be 5050-5100.
· There may be some intraday corrections here and there, but short-term trend should be considered as up now.
· Today the markets are expected to open slight negative on global weakness but fall towards 4725 should be regarded as a buying opportunity. Crossing 4810 should take us to 4920 quickly.
· Pharmaceutials and IT are expected to outperform the indices in this rally. Previous leaders like Capital Goods can perform but they may remain laggards for some time.
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.