Buy in the region 865-872 with a closing stop loss below 815 for a short and medium-term target of
950 and 1040 respectively.
Buy in the region 155-159 with a closing stop loss below 145 for a short-term target of 175 and 191.
3. Hindustan Zinc March Future (Rs. 1127)
Buy in the region 1123-1127 with a stop loss below 1110 for an intra-day of 1150.
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Nifty- Bullish Times Ahead
Recovery To Continue
After a long dull period of trading the markets witnessed some
volatility last Friday on account of the widely followed event.
Our expectation of a bullish outcome played out well as the
Nifty hit the 5000 mark but got back below the 4930-4950
resistance area on a closing basis. Technically, the move
above 4900 itself qualifies as a mini breakout an effect of which
should be seen in the near term. We have a few fresh positive
signals in the form of a breakout from a large pattern, breach of
the averages, oversold scenario of the weekly indicators/
oscillators and strong sector-specific charts that should lead to
further recovery and take the indices close to the Jan ‘10 highs.
The indices should see a confident close above the
16600/4950 level this week, which would then bring back the
bull market trading momentum. Near term support seen at
16100/4800 while the bigger picture base remains at
15300/4700 and only on a close below the same does the
medium-term uptrend get cancelled. The Banking, Metals,
Capital Goods and IT sectors are likely to outperform. The Midcap
and Small-cap indices are currently at crucial support
levels from where a rebound is likely. The Dollar Index seems
to forming a top around the 81 level.