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The Nifty opened on a high today, went up to yesterday’s pivot high of 4983, made quite a prominent pivot high at 4985 and turned down. Support was expected at 4805 but it came down to 4863 and turned from there to close at 4951. Now we have a pivot high at 4985 and a pivot low at 4822 (made yesterday). A decisive breakout out of one of these two levels should give a bigger move. We can safely say that if the Nifty were to go above 4985 and fails to come below 4863 then the short term trend will change to up. Today, in the last 30 minutes it seems to have broken through its downtrending line which was giving resistance near 4925.
Another positive thing noticed today was the Nifty has been trading in a broader range of 4800-5000 for almost 3 days now (30 bars) and has shown some signs of consolidation within these levels. The buy signal given by MACD yesterday (marked by the green arrow) is still intact and hopefully, we should have a bigger move tomorrow. If the price were to go above 5000, it should find resistance near its next trendline between 5150 and 5200. On the downside, if the Nifty were to go below 4800 then a level of 4600 is possible.
A lot of charts today are showing strength on the 30 minutes charts but are not giving any targets as such. Showing the charts of all such stocks is going to take a lot of time. So, without giving any charts and targets as such, I am mentioning some stocks which may be good buying opportunities. And since no clear targets are available (unless otherwise mentioned), it is suggested that one should keep small targets of 2-3% and cover their positions once the target is achieved. A stop loss for each has been given to protect huge losses.
- 3I Infotech – Buy above 117, stop loss 110
- ABB – Buy above 1310, stop loss 1250
- Adlabs Films – Buy above 810, stop loss 750
- Aftek - Buy above 50, stop loss 47
- Allahabad Bank - Buy above 108, stop loss 101
- Ambuja Cement - Buy above 117, stop loss 114
- Canara Bank – Buy above 300, stop loss 285
- Cummins - Buy above 330, stop loss 315
- DLF - Buy above 820, stop loss 790
- Gail - Buy above 405, stop loss 390
- HDFC - Buy above 2760, stop loss 2600, target may be near 3000
- HDFC Bank - Buy above 1480, stop loss 1440, target may be near 1580
- ICICI Bank - Buy above 1120, stop loss 1060
- India Infoline - Buy above 1110, stop loss 1040, target may be near 1220
- ITC - Buy above 200, stop loss 190, target near 213
- Nicolas Piramal - Buy above 320, stop loss 305, target near 340
- Reliance Energy - Buy above 1600, stop loss 1500
- Reliance Capital - Buy above 1850, stop loss 1750
- Tata Motors - Buy above 720, stop loss 708, target near 750
Happy investing!!!
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