Nifty:support of 5100 still holds the key

Out of the range

• Finally, Nifty managed to creep above the 7 odd days of consolidation range and consequently broke the psychological hurdle of 5200. With the higher top higher bottom signal still ruling the hourly price chart of Nifty, today's bullish crossover of moving average convergence divergence (MACD) oscillator should be used for initiating fresh longs going forward. On downside the support of 5100 still holds the key in the near term and unless that is violated, target of 5300 is likely in the near future.

Trading Ideas

• Remain stock specific from current levels.
• Mid term trading ideas which we like are Idea (Target Rs. 76),Hindalco (Target Rs. 182),McLeod Russell (Target Rs. 288), and MLL (Target Rs. 66). Traders maintain stop loss accordingly.

Investment Ideas

• Greaves Cotton (GCL): CMP @ Rs. 283 (Target Rs. 350)