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INDEX REVIEW & OUTLOOK
Open High Low Close Change(Pts) Change(%) 8EMA 34EMA 200EMA
4718.15 4787.25 4718.15 4779 65 1.38 4725 4852 5294
The NIFTY opened on a positive note and registered an intraday
high of 4787
levels. The Index witnessed sideways consolidation from the
higher level which led
it to decline to an intraday low of 4718. From there on the
nifty reboundedstrongly and finally closed at 4779 with a gain of
65 points.
The index has pulled back from its near term moving average and
once again
made a higher top higher bottom indicating that the trend is
still intact. Going
forward NIFTY can retrace up to its 50% level (starting from the
highs of 5099.25
to the lows of 4555). Closing above 4830 levels, the NIFTY could
head towards the
declining trend line place around 4900 levels.
In case Nifty finds supply pressure from the levels of 4830 then
it has an immediate
support at 47604730 / 4700 levels (as cluster of averages and
retracement levels
are placed in the above mentioned range)
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TOP TRADES TO WATCH OUT FOR:-
Tata Steel Limited CMP` 357 .75
CLOSE 52-H 52-L SUP-1 SUP-2 RES-1 RES-2 8EMA 34EMA 200EMA
357.75 737 340.6 350 342 368 376 359 390 517
After going through a steep price correction in the last two
months, the stock price
now seems to be making attempts for a meaningful rebound. The
stock price has
managed to close above its near term moving average and is
poised for some
upside action in the next few sessions.
Traders can go long at CMP with a SL placed below `347.80 for a
target of `370/` 380 levels.
Sun TV Network Limited CMP` 292.40
CLOSE 52-H 52-L SUP-1 SUP-2 RES-1 RES-2 8EMA 34EMA 200EMA
292.40 556.90 214.10 284 278 302 315 278.5 273 331.5
The stock price of Sun TV Network Limited has been trading
within the range of
cluster of moving averages. The stock has registered a breakout
from its midterm
moving average. The momentum indicators are rolling upward
indicating more
upside for the stock
We advice traders to go long at current levels and again on dip
up to `285--`288
wit h a stop loss placed below ` 280.8 for the targets of ` 308
/ ` 320.
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Disc laimer
This document has been prepared by Mitesh Thacker. This document
does not constitute an offer or solicitation for the purchase
or
sale of any financial instrument or as an official confirmation
of any transaction and is only an expression of technical views.
The
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