Nifty downside 5045 is the key support

Hurdles ahead With Nifty managing to hold on to its positive gains throughout the day and finally closing near the highest point of the day, bulls still hold the supremacy. However, the conservative target of inverse H & S has seen completion and taking into account the overbought position of momentum oscillator MACD, the bearish sentiments have still not vanished. So until 78.6 % retracement packed at 5175 is cleared, the overall view still remains bearish. On downside 5045 is the key support below which the slide can deepen upto 4996 in the coming session. BSE Oil & Gas Buying was witnessed in the BSE Oil & Gas index and it outperformed the broader markets and finally closed at 9825 with a gain of 2.28%. Going forward now this index has resistance at 9953 levels; if it starts trading above this level then we will witness further upside in this index. However downside this index has support at 9470 levels. BSE Power BSE Power index broke the resistance of 3035 and finally closed above that at 3073 with a gain of 1.93%. On the daily chart this index forms higher top and higher bottom, as well as trading above the 21DEMA.Thus now in the coming days we may see further upside in this index and it will test 3130.However downside level of 2940 will play as a support for this index.

Trading Ideas Remain stock specific from current levels. Mid term trading ideas which we like are Spice Jet (Target Rs68),JP Associates (Target Rs151),Dena Bank (Target Rs94) andHind Oil Expo (Target Rs282). Traders maintain stop loss accordingly. Investment Ideas JSW Steel: CMP @ Rs1,147 (Target Rs1,521)

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