MARKET OUTLOOK
NIFTY (5689): CNX NIFTY has closed higher by more than 2 % and clocked its highest gain in terms of percentage in year 2013 Nifty has closed above its 20 DMA 5641 after 20 trading sessions and above its 200 DMA 5656 after 8 trading sessions while 50DMA 5779 & 100DMA 5856 could resist going forward. Breaking out of the falling trend line and the BULLISH WOLFE PATTERN the index gained momentum and rose sharply. For the day Nifty has to hold onto the 5630-5645 and cross 5720 to target 5780 on higher side while below 5640 then in coming days selling pressure would start. Rupee has started to strengthen along with Euro while Dollar weakens positive for Importers while Negative for exporter, Today HCLTECH, YESBANK & TCS announce result. RELIANCE Rs.804 came out with results above market expectations but sales disappointed and now if the stock holds Rs.780,which is very important and also crossing Rs.825 , then it will be a triangle break-out. The government on Tuesday cut the tariff value of gold and silver to $499 per 10 grams and $890 per kg, respectively, taking into account weak global prices of the precious metals.
SENSEX (18745): Sensex closed higher by 387 points, on a day which was positive for most of the trading session, after making low of 18144, which was the lowest in 144 trading days. Today Sensex has to hold 18550 on the down side and cross 18920 and 18980 on the upside to add to the positive momentum. The Index has good support around 18430 -18300 levels. SENSEX is trading above its 200DMA 18657 and the 20DMA 18678 levels which is a big positive for the index.
TECHNICAL CALLS
BUY IDFC Rs. 154 : IDFC was the top gainer amongst the Nifty index stocks during yesterday's trade. IDFC has been trading above its 20 DMA Rs.143 levels for the second day in succession which suggests strength and closed above 200DMA Rs.153. IDFC has been making higher highs and higher lows from the past few trading sessions which suggests that buying at lower levels and short covering to boost.
BUY GRASIM INDS Rs.2832 : GRASIM INDUSTRIES has retraced exactly 61.8% of its entire move from 2210 to 3510 at around 2700 levels from where it has began its recent rally. The stock is making higher highs and higher lows on daily chats and is also showing positive momentum. The stock is trading above its 20 DMA levels at 2809 levels. GRASIM looks good for an upside rally of 4-5 % in the next few trading sessions.
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