MARKET OUTLOOK
NIFTY (5834): CNX Nifty made a higher high and a higher low yesterday and has been doing the same for the past five trading sessions. Nifty closed above 5830 suggesting that it has broken the short term resistance pegged at the psychological 5830 levels. Nifty has closed above its 50 DMA after 28 trading sessions and now looks good to target 5877 on the upside which is also near 100 DMA 5860 level. For the day if Nifty crosses 5860 on the upside then a rally towards 5900-5920 cannot be ruled out. Failing to cross 5860 the index could witness some profit booking till 5780-5750 levels and till such time Nifty keeps making higher highs the short term tr end is likely to remain on the upside. M&MFINANCE Rs.212 is near major triangle break-out above Rs.215 stock can soon cross all time high of Rs.244.45.
SENSEX (19170): Sensex closed higher on Monday as a stunning leg of rally during late in trade, yesterday took the index above 19150 levels. Now if the index holds 19100 then a rally till 19700-19800 cannot be ruled out in the days to come as shorts will start covering their positions if the critical resistance at 19250-19280 is taken apart in tomorrow's trading session and with just two days to go for the derivatives settlement , volatility is expected.
TECHNICAL CALLS
BUY CUMMINS INDIA Rs. 504 : CUMMINS has been consolidating in a tight range of 480-520 for many trading sessions and now the stock has been observed to be making higher lows for the past five trading sessions which suggests that a big breakout is on the cards anytime now ,which cannot be ruled out. The stock is trading above all moving averages and looks good for a rally till 545-550 in the day s to come.
BUY BAJAJCORP Rs.238 : BAJAJCORP has made a cup and handle formation on daily charts and now looks good for a rally towards 255-260 in the days to come. The stock is trading above all moving averages and is also making higher highs and higher lows from the past five trading sessions.
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