The september series closed on a positive note after a bear gap on account of short covering .
Technically the trend has not been compromised yet , and it still looks intact up with huge volatility.
Amidst f/o expiry the nifty has shown strong supports around 4900 levels and now it should be considered as crucial levels and the markets are assumed to be up as long as the crucial levels are held.
The indices and many stocks are looking tired and losing momentum around the high resistance area of 16900 levels on sensex front.
Also we head into a long weakend with yet again a truncated trading week ahead of us which could incur less participation and profit booking on higher levels , which cannot be taken and preassumed as trend reversal and doesn’t gives an indication to do huge shorting , so one needs to be cautious and refrain from huge shorting.
Until and unless the crucial levels of 4900 on nify front and 16400 on sensex front are held , the markets looks up with hesitate longs and volatility and the next logical targets of 5150 on nifty looks valid.
So from a trading point of view , I would watch my crucial levels and trial it as a stoploss for my longs and short only on a sell signal below it.
The supports for the nifty is at 4900 levels and resistance at 5050 levels.
The supports for the sensex is at 16400 levels and resistance at 16900 levels.
Stocks to watch
Wwil , gpil , lupin looks good
Yesterday’s calls sent via sms and messenger
Mcleod russel – buy at cmp 219 sl 216 targets 225 , went 229
Hcc – buy at cmp 128 sl 126 targets 133 , went 134.75
Nifty – buy at cmp 4926 sl 4905 targets 4960 , went 4995.90
Nifty 4900 ce – buy at cmp 32 sl 25 targets 50 , went 95
Jackpot Wwil – buy at cmp 20.90 sl x targets x – 3 days (booked full profits at 23 the same day)
Tuesday’s Dii Mcleod Russel – booked full profits at 225 on Wednesday , long from 205
Tuesday’s Fii Gmr infra – booked full profits at 146 on Wednesday , long from 142.50
Friday’s Dii Unitech – booked full profits at 105 yesterday , short from 113
