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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Watch Nifty
Ø Nifty ended below the intraday key resistance level of 5065 on Monday due to lack of buying support among traders. NIFTY closed with ‘short white candlestick pattern’ with low volumes on the daily chart indicating that uncertainty among traders. On the higher side, if NIFTY breaks above 5065, bulls may be gaining control in an intraday trading session and then we could see 5100/5140 levels. On the downside, the intraday support for the NIFTY is seen at 5005/4990 levels. Breakout of 4990 levels would invite intraday selling pressure. On the momentum indicators front, the stochastic oscillators are in heavily overbought territory. So trade cautiously as profit booking can be expected at any time. On weekly chart, NIFTY has been formed rounding bottom reversal pattern since second week of December 2011. This indicates the short term trend will continue to hold on the buyers region only if NIFTY holds above 5100 levels on weekly closing basis. This short term uptrend could get damaged if NIFTY breaks 4830/4790 on weekly closing basis. Technically, a move below 4790 could lead to a fresh directional move in the same direction and it could test at 4710 levels.
Have strict stop losses
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