16 January 2012

Trading Today: Emkay

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From Our Technical Desk
From The Dealing Desk

Market Outlook:
The markets continued to consolidate and ended marginally in red. Buying was seen in the Banking and Auto counters while Technology and Oil & Gas counters witnessed selling pressure.         
Nifty:
The markets traded within a tight range amid high volatility and ended marginally in red. The 50 DMA at 4,858 continues to act as a stiff resistance and if Nifty stabilizes around this level then the rally may further extend up to 4,940 levels. The 5 DMA at 4,806 will continue to act as a strong support for Nifty and if Nifty slips below this level then it may further drift to 4,760 levels.  
Support: Major support level 4,820/ 4,800.
Conclusion: Volatility to continue, trade with strict Stop Loss.

Trading Ideas
  • Trading ideas which we like are Rel Cap (Target 305) & HDIL (Target 83). Traders maintain stop loss accordingly.
Investment Ideas
  •  Greaves Cotton: CMP @ Rs 82 (Target: Rs103)

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