Nifty 4952 - The next barrier, bounce up to 5070 level is quite possible.

4952 - The next barrier With support from positive cues across the globe, Nifty started the day on a positive note. Going further, bulls managed to keep the ball in their court till the end with a close above 4900 on good volumes, which is a boost in the favor the bulls. The current scenario indicates that if Nifty manages to clear 4930 and above that 4952 then the bounce can extend up to 5070 level. Additionally, both hourly and daily cycles are currently standing in the support of the bulls, so the extension of the bounce up to 5070 level is quite possible. BSE Metal BSE Metal continued its upside journey and broke the resistance of 16203 and finally closed above that at 16435 with a gain of 3.24%.On the daily chart as this index closed above the 21DEMA, thus we may witness some recovery in this index on account of which it can heighten upto 16636 levels. BSE Bankex Buying was witness in the BSE Bankex and it broke the 21DEMA and finally closed above that at 9605 with a gain of 1.75%. Going forward now this index has resistance at 9729 and in the coming days if this index starts trading above this level then we will witness further upside.

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) & ENIL (Target Rs275). Traders maintain stop loss accordingly. Investment Ideas McNally Bharat Engineering (MBE): CMP @ Rs246 (Target Rs308)

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