Nifty (5683): S&P CNX Nifty closed at its highest level in 5 trading days after making a panic low of 5604 , its lowest in 86 trading sessions and now 200DMA 5627 is acting as strong support on closing basis. Financial year end closing gave NAV prop-up in many stocks and if the positive sentiments are carried on into the new financial year ,then a rally till 5788 & 5831 could be possible. Today Monthly Auto sales number would drive the sentiment 5660 is the mid-point till this level is held on lower side then rally till 5744 & 5788 becomes possible while below 5660 then correction till 5620 & 5575 is on cards as fluid poli tical condition, Euro zone problem and North Korea declaring war could be drag. CNX500 gainers above 20% YTD (Year Till date) FINPIPE+56%, GUJALKALI+47%, MINDTREE+33%, TCS+24%, HCLTECH+28%, INFY+24%, BERGERPAINT+21% and PIDILITEIND+20%. Today SIEMENS & WIPRO will move out of Nifty with NMDC & INDUSINDBANK replacing them. Current account deficit widens to $32.6 bn, 6.7% of gross domestic product (GDP) in the third quarter of the current fiscal. Novartis to expect Supreme Court verdict on cancer drug on Monday.
SENSEX (18836) : Sensex has closed Gap created on 27th November 2012 by making panic low of 18568 and recovered to close positive high in 5trading days. Any rally would resist around 19k & 20DMA 19132, while 100DMA 19336 & 50DMA 19464 are levels to watch. Today Sensex has to hold 18725 which would be important Mid-point holding which 18920 & 19035 are possible levels on higher side, while below 18725 then selling pressure would start where 18630 & 18485 are possible levels on lower side.
TECHNICAL CALLS
BUY GODREJ INDUSTRIES Rs.296: GODREJ INDS has made an unconventional inverted head and shoulder pattern on daily charts which could breakout above 300 levels. The stock is showing good signs of a possible up move which is doe in the stock for a few days now. The stock is trading above its 20 DMA at 290 and the 200 DMA at 283 which are good support levels for the stock. The stock looks good for an up move of at least 8-10 % in the days to come.
SELL STERLITE INDUSTRIES Rs.94: The stock is down 19.7% YTD and trades near 4years low of Rs.86 and looks very weak to move below Rs.86. Stock on daily & weekly chart has made inverted Cup & Handle which indicates any rise should be sold into. Stock trades below all major averages with Dead Cross also forming 200DMA Rs.104, 100DMA Rs.106 and 50DMA Rs,101 and 200 Week .M.A Rs.148.
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