Thursday, March 25, 2010

Nifty broke the trading range on upside after taking support at 50-HEMA

50-HEMA holds

  • Finally, today Nifty broke the trading range on upside after taking support at 50-HEMA. Moreover, the hourly momentum cycle has also turned bullish from the neutral line, which indicates that the uptrend is still intact with higher top higher bottom in place. Banking is one sector, which looks strong as of now and has a brighter chance to outperform in the coming session.

Trading Ideas

  • Remain stock specific from current levels.
  • Mid term trading ideas which we like are Biocon (Target Rs304),Divis Lab (Target Rs716)HDIL (Target Rs318) and Unitech (Target Rs80). Traders maintain stop loss accordingly.

Investment Ideas

  • JSW Steel: CMP @ Rs1,280 (Target Rs1,521)

 

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