Wednesday, January 6, 2010

MLL (Target Rs. 70), IFCI (Target Rs. 65), Suzlon (Target Rs. 108) and ENIL (Target Rs. 260)

Market Technicals
After a volatile session, Nifty closed flat with a positive bias and continued its uptrend for the fourth consecutive day. Midcap and Smallcap indices continued to deliver strong performances, closing the day higher by 0.68% and 0.44% respectively. The hourly look of Nifty indicates that market is just taking a breather and is forming a base for the next up move. Currently Nifty is near the key support of 20-HSMA packed at 5260 and hence we expect Nifty to give an upside breakout from the ongoing consolidation range very soon.

Trading Ideas

  • Mid term trading ideas which we like are MLL (Target Rs. 70)IFCI (Target Rs. 65)Suzlon (Target Rs. 108) and ENIL (Target Rs. 260). Traders maintain stop loss accordingly.

Investment Ideas

  • Mahindra and Mahindra Ltd:CMP @ Rs. 1,180

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