The indices continued to remain hugely volatile and choppy and achieved are logical targets of 17200 in process and reacted from the said stiff resistance zones and managed to stay above the crucial supports of 4900 levels on nifty front.
Technically the indices have reacted from strong resistance zones and has thrown a sell signal on technical parameters , but is still trading above 4900 levels on nifty.
Now this levels is a very crucial and trend decider levels , if the indices manages to stay above it , the markets can be considered up and can again move to retest the recent highs of 5100-5150 levels , which seems to be stiff resistance zones.
However if the crucial support at 4900 is broken and breached with sustained trading , then we are headed for a correction , steep correction and lower levels in days to come.
From a trading point of view , one need to looks at the crucial levels and keep booking profits at every levels.
The supports for the nifty is at 4900 levels and resistance at 5050 levels.
The supports for the sensex is at 16500 levels and resistance at 17200 levels.
Friday’s calls sent via sms and messenger
Thursday’s Jackpot Mercator lines – booked full profits at 67 , long from 61
Dlf – buy at cmp 423 sl 419 targets 432 , went 428.80
Essar oil – buy at cmp 152.50 sl 150.75 targets 156 , went 155.65
Dlf 430 ca – buy at cmp 17 sl 15 targets 22 , went 19.40
Ibrealest – buy at cmp 292 sl 290 targets 297 , went 298
Fii South India bank – buy at cmp x sl x targets x – holding
