if Nifty manages to clear 4929, more upside

Due to a range bound session, Nifty finally closed with a formation of an inside bar on daily degree, which means that the breakout on either side will decide the next move. Further, Nifty is still trading within a rising channel with both 20-SMA and 50-EMA still acting as a good support, indicating that the current bounce is still not out of breadth. Moreover, today's sideways consolidation has just turned into a Flag formation, which is generally treated as small pause in the ongoing move. So if Nifty manages to clear 4929 current bounce will see more extensions in the northward direction. Above 4929 next level to watch out for resistance is 4993.

Trading Ideas

• Remain stock specific from current levels.
• Mid term trading ideas which we continue to like are SREI Infra (Target Rs75), JP Associates (Target Rs151), Punj Lloyd (Target Rs206) & Spice Jet (Target Rs68). Traders maintain stop loss accordingly.

Investment Ideas

• HEG Ltd: CMP @ Rs340 (Target Rs458)

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