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Watch Nifty
Ø Nifty indeed moved past 6060 with a flourish and closed above, thus crossing the first crucial resistance and turning the bias positive. While this may indicate that the correction is over, a conclusive proof would emerge, as we have been maintaining, if it closes above 6150.
Ø Intra day, we had advised a buy above 6105 or near 6060. Nifty did react to 6064 and bounced upto 6105.
Ø Nifty's resistance for 31/12 is likely around 6110, 6130 and then 6150.
Ø Alongwith Nifty, many scrips have shown signs of break out and look good for accumulation :
o Arvind Mills > 69/50 ; Bharti > 362 ; Glaxo > 2335 ; HDFC > 734 ; Hero Honda > 2025 ; Infosys > 3470 ; NTPC > 205 ; L&T > 1986 ; M&M > 786 ;
o Praj Ind. > 87 ; Rajesh Exports > 141 ; Sterlite Ind. > 193 ; TCS > 1180 ; Titan > 3580 ; Wipro > 497 ; Chambal Fert. > 89 ; Hindalco > 246 ; Aban > 818.
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