Nifty :: After breakout of 5080 Nifty exactly touch our first target 5113 which we mention in our last post, and made an Belt Hold Line body gap up bullish candle but as we say in our past post volume again turn low .. Not good sign in technical terms. International market gives support and our market turns up without any major buying interest... Once again we advise be careful at higher level.. Momentum is up but buy only in deep with strictly stop loss.. Our strategy for 24th Nov. up to 5182 if Nifty open gap up sell at high (S.L 5182) Buy in deep (S.L 5050).. Resistance for up move at 5118/5136/5143/5150/ 5162.. Supports at 5063/5050/5022/5000/4993…
It was a fantastic day for our market that built on its gains and closed higher also thanks to positive global cues. Sensex shut shop at 17180, up 158 points and Nifty at 5103, up 51 points from the previous close. CNX Midcap index was up 0.44% and BSE Smallcap index was up 0.84%. BSE oil and gas index was up nearly 3% (RIL helped this index and it traded higher on news of acquiring Dutch company Lyondellbasell). The market breadth was positive with advances at 729 against declines of 541 on the NSE. Top Nifty gainers included HCL Technologies, GAIL and Cipla while losers were Bharti Airtel, Idea Cellular and JP Associates.
The market did open flat to positive and seen a buying session,with nifty taken support from its 5 DEMA placed near 5052 and ended with a decent gain with nifty closed above psychological 5100 level but below 5110 which is its weekly resistance. Nifty has broken the upward trendline and seems that remain above today low we might see further rise in the market that can show again 5150-5175 zone in the higher side.Any sell off or profit booking if comes due to global sell off if any then nifty will crash to kiss its 20 DEMA level which is its good support level and placed around 4970,and from this level we can see another round of buying. A caution is highly advised now on every rise as I expected a selling or profit booking now any time,I don’t know the reason but anytime selling will be there,as per charts
NIFTY (5103.55)
Resistance : 5130 / 5175 / 5210
Support : 5060 / 4985
SENSEX (17180.18)
Resistance : 17250 / 17315 / 17420
Support : 17075 / 16970 / 16800
NIFTY FUT (5108.3)
Resistance : 5125 / 5160 / 5215
Support : 5075 / 5040
MKT COMMENTS
NIFTY FUT OI (both series) marginal up with decreasing volumes indicating forming of long positions.
We expect NIFTY FUT to trade rangebound. Above 5150 levels, NIFTY to show fresh up move.
On Tuesday,Opening Is Flat To Positive,
Buy NIFTY Above 5095,Sl Below 5080,Tgt 5125/5145/5170/5210
Sell NIFTY Below 5080,Sl Above 5095,Tgt 5050/5030/5005/4965
BUY
TULIP,Sl 900,Tgt 1000/1025/1040+
PUNJLLOYD Above 215,Sl 210,Tgt 220/225
BEL Above 1660,Sl 1640,Tgt 1690/1710
TATAELEXSI Above 175,Sl 170,Tgt 180/85
ZEETELE Above 260,Sl 255,Tgt 265/70+
MASTEK Abv 320,Sl 315,Tgt 325/35/45+
SELL
SBIN (2320),Sl Above 2335,Tgt 2310/2300
BANKINDIA Below 390,Sl 395,Tgt 385/80
HINDALCO Below 135,Sl 140,Tgt 130/125
RELCAP Below 880,Sl 895,Tgt 870/60/50
Hi friends,
hope u enjoyed in crossing 5079 in today trading as already told in yesterday post stating that today is also a trend reversal day and it crossed the resistance line of 5079 , now 57.55 points left for magic figure of 5177 as day high is 5119.45
All indices roaring for a new high crossings, be ready for dhamaka sessions in next 3 days as expiry days a head . Attaching all major indices here , have a look into those : -
TRADING IDEAS FOR 24 TH NOV 2009 CLICK
FOLLOWING CHART : -
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