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Technical Overview

Indian indices continued its buying momentum for second consecutive trading session, with Nifty closing at 5199.80, up by 56.85 points or 1.96%, posting biggest single day gain in a month. Buying in Indian markets fuelled on hopes of monetary stimulus in the Euro zone and the U.S.
Nifty formed a big bullish candle with no shadows on either side on daily charts, closed above major resistance level of 5,150 and also breached the downward sloping channel on the upside signaling that bulls are back in business. Nifty closed at 5,200 highest levels of the day is a very bullish indication. Further, if the index continues to sustain above 5,200 level then it is likely to witness a buying rally and it might again move towards resistance of 5,260-5,300 level, while supports stands at 5,150-5,140.Trading strategy would be to Sell if market resist at 5,260 and Buy if support at 5,180.
First resistance for the Nifty is 5,228 and next resistance 5,256 and first support for the Nifty is 5,151 and next support at 5,126.
Losers
30/07/12
Pt Chg
% Chg

Ambuja Cem
180
(2.2)
(1.2)

HUL
464
(0.6)
(0.1)

HCLTech
517
(0.6)
(0.1)

ONGC
278
(0.1)
(0.0)


Derivative Strategy for July 31 2012
Scrip
CMP
Recommendation
Target
Stop Loss
NIFTY
5,217
BUY
5,280
5,190
RELINFRA
500
BUY
510
495
WIPRO
336
BUY
346
331
ONGC
278
SELL
270
282
UNION BANK
171
SELL
165
174


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