Wednesday, May 12, 2010

Nifty Bounce may extend upto 5295levels

Bounce on the cards

  • Finally, Nifty saw a breakout from the bullish Flag, which was witnessed on the hourly chart. Hence we feel that the current bounce may extend upto 5295 levels, as it is an important swing high where some supply pressure may be witnessed. Additionally, on hourly degree we saw a positive crossover of 20- and 50- hourly moving averages which also indicates that a possibility of a bounce is open.

Trading Ideas

  • Remain stock specific from current levels.
  • Mid term trading ideas which we like are IFCI (Target Rs60), Voltas (Target Rs190), Ranbaxy (Target Rs495) and Dena Bank (Target Rs98). Traders maintain stop loss accordingly.





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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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