Thursday, April 22, 2010

Nifty support and resistance watch out for 5177 and 5289 respectively.

Volatile session

  • Nifty settled the day with mere 24 points gains on support from Reliance Industries, SBI, SAIL, Tata Motors, HCL Tech. The index surged more than 70 points and traded above 5300 during the day on back of buying across sectors. However, in the last one-hour it wiped out over 45 points following weak European cues. On daily chart, Nifty failed to close above the resistance of 20-DSMA, however it also failed to close below the support of 50-DEMA, which indicates that the breakout on either side will be a trend deciding move. Key support and resistance levels to watch out for are 5177 and 5289 respectively.

Trading Ideas

  • Remain stock specific from current levels.
  • Mid term trading ideas which we like are Fortis (Target Rs182),Hanung (Target Rs268)Nagar Cons (Target Rs198) and JP Associates (Target Rs168). Traders maintain stop loss accordingly.

Investment Ideas

  • JSW Steel: CMP @ Rs1,205 (Target Rs1,521)





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