The indices saw a selling pressure at higher levels and could not sustain amidst weak global cues and took supports near 5200 levels on the nifty front on low volumes.
Technically the indices show no strength , but are resting right on support zones , so if it has to bounce it must bounce from this levels.
We said that 5232 is a crucial zone for the nifty , below which the nifty turns weak and we saw a steep slide below it , now the nifty has taken supports at 5200 levels which can be assumed as make or break level for the markets.
From a trading point of view , one has no option but to buy nifty and indices on dips with a stoploss below 5200 levels and a major stoploss at 5149 , shorting at these levels is not advisable or wise , as the markets are on spring levels.
However if the nifty trades below 5200 levels with volumes and break 5150 levels ,then it calls for a shorting opportunity and one must short the markets with a stoploss above 5200 for targets of 5010.
But that scenario looks to be far and the current mood seems to be buy on dips , so one must follow a buy on dip strategy for a bounce back.
The coming session looks volatile with a probable bounce back ..
The supports for the nifty is at 5180 levels and resistance at 5275 levels.
The supports for the sensex is at 16900 levels and resistance at 17700 levels.
Stocks to watch
Tisco , triveni eng , havells India , jai corp , walchandnagar inds looks good
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Yesterday’s calls sent via sms and messenger
Bharti 330 ca – buy at cmp 4.40 sl 4 targets 6.50 , went 7.60
Tisco – buy at cmp 646 sl 642 targets 652 , went 654.60
Tisco 640 ca – buy at cmp 16.25 sl 15 targets 19 , went 22
Nifty – buy at cmp 5209 sl 5198 targets 5235 , went 5239
Dlf – buy at cmp 382 sl 378 targets 392 , hit sl
Btst Sun tv – buy at cmp 388 sl 384 targets 398 , booked the same day went 408.20
Stbt Praj inds – sell at cmp 106 sl 108 targets 101 , booked the same day , went 98.80
Secret Mascot Walchandnagar inds – buy at cmp 264 sl x targets x – 2 days (booked full profits at 280 the same day)
Dii Havells India – buy at cmp 578 sl x targets x – 2 days (booked full profits at 605 the same day)
Punter Bharti airtel – buy at cmp 328 sl x targets x - holding
Jackpot Patel eng – buy at cmp 485 sl x targets x – holding
Fii Gitanjali gems – buy at cmp 130 sl x targets x – holding
