Wednesday, May 5, 2010

Nifty 5195 is an important resistance, Buy Torrent Pharma Target Rs630

Final hour recovery

The benchmark index Nifty showed smart recovery in the final hour of trade which helped the index to recover a major portion of its initial losses, thereby formed a Dragonfly doji at 50% retracement of the entire rise from 4675 to 5399, which bring the chances of a selling climax into picture. However, the final confirmation whether the bottom is in place or not, will take place only if Nifty crosses 5254 level. Moreover, the hurdle of 50-DEMA packed at 5195 is also an important resistance and unless Nifty clears that mark, the chances of Dragonfly doji seeing a failure are quite high.

Trading Ideas

  • Remain stock specific from current levels. Yesterday's low of 5056 (Nifty) will play an important support in short term.
  • Mid term trading ideas which we like are LIC Housing (Target Rs988)Sesa Goa (Target Rs435)Suzlon (Target Rs78) andVoltas (Target Rs190). Traders maintain stop loss accordingly.

Investment Ideas

  • Torrent Pharma (TPL): CMP @ Rs513 (Target Rs630)

 

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Safe Harbor:

The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
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