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.
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Losers
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30/07/12
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Pt Chg
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% Chg
|
|||||
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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)
|
|||||
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Derivative Strategy for July
31 2012
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||||||||
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Scrip
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CMP
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Recommendation
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Target
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Stop Loss
|
||||
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NIFTY
|
5,217
|
BUY
|
5,280
|
5,190
|
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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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