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INDEX REVIEW & OUTLOOK
Open High Low Close Change(Pts) Change
(% )
8EMA 34EMA 200SMA
4869.45 4898.95 4747.70 4863.30 15.15 0.31 4892.50 5002.55
5064.85
The NIFTY opened with a positive gap and traded in a narrow
range
for initial hours. The nifty recorded a high of 4898, before
declining
toward the lows of 4848 levels. The nifty finally closed at
4863, with afall of 15 points.
After a gap up opening in the morning, index witnessed
resistance at
its near term moving average placed at 4900 (as shown in the
chart)
and filled up the gap in the later part of the session. As
discussed in
the previous updates the index has been continued to trade
between
two retracement levels of 61.80% & 78.60% (starting from the
lows
of 4531 to the highs of 5630 levels) for past few weeks. Trading
above4900 index is likely to head towards 4950 / 5000 levels.
Any supply pressure from 4950 levels would lead index to trade
in the
range of 49504766 levels. On the downside index has
immediate
support at 4830.
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TOP TRADES TO WATCH OUT FOR:-
McLeod Russell Limited CMP` 288.10
CLOSE 52 -H 52 -L SUP-1 SUP-2 RES-1 RES-2 8 EMA 34 EMA 20 0EM
A
288.10 295.60 165.50 286.00 283.80 290.00 283.00 278.45 272.00
236.25
The stock price of McLeod Russell Limited has been trading in a
sideways
range of ` 180--` 310 since m ore than a year now. The prices
now seem to be
ready for a breakout of t he contracting channel. This would
open up a huge
upside potent ial for the prices in t he tim e t o come. Also,
to add weight t o our
view, th e m oment um indicator has also given a buy
crossover.
Traders are advised to buy the stock now for targets of `325 /
`348, with a
stop loss placed below ` 272 over the m idterm .
Godrej Industries Limited CMP ` 247.00
CLOSE 52 -H 52 -L SUP-1 SUP-2 RES-1 RES-2 8 EMA 34 EMA 20 0EM
A
247.00 283.35 166.80 245.00 242.00 250.00 253.00 250.35 251.00
215.45
After registering a 52 weeks high of `283.35 the share price of
Godrej
Industries Limited has been consolidating in a narrow range.
This
consolidation appears to be forming the right shoulder of a
bearish head &
shoulder pattern. Currently the stock has also closed below its
cluster of
moving averages. The pattern would be confirmed once it breaks
below its
neckline support placed below the `228 levels. Once the
breakdown is
confirmed the share price is likely to decline towards the
levels of `200 /
` 188 levels in the midterm.
We recomm end a sell below` 245 and again on pullback to `
250--` 254 wit h a
stop loss placed above `258 .60 for the near term t argets of `
225 / ` 215.
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Disclaimer
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