The indices manages to take supports near 4825 levels on nifty front and 16200 on sensex front and bounced after a good correction last week.
Now owing to global cues our markets can show more strength and try to inch upwards near to 4959 -5000 levels on the nifty front.
However the pattern of the markets is a bit suspective and the parameters of the charts suggests that the bounce in the markets are due to technical parameters after being in an over sold zone and can see some more upsides , but that must not be preaasumed as a broad based rally, as any upmove can meet huge selling pressure and a bull trap can be viable.
On the lower side major support exists around 4800 levels and a breach of this levels indicates weakness and a downslide , so one needs to hold longs as long as these levels are held and must trail this levels as strict stoploss.
On the upside 4950-5000 will see stiff resistance and will act as supply and reactive zone.
The coming session is likely to be volatile and cautiously up with an attempt for a two side movement.
From a trading point of view , one should buy dips to 4825 with stoploss near 4800 and short below 4800 levels ..
The supports for the nifty is at 4800 levels and resistance at 4975 levels.
The supports for the sensex is at 16100 levels and resistance at 16600 levels.
Stocks to watch
Hitachi home , Atlanta , titan looks good
Yesterday’s calls sent via sms and messenger
Nifty – buy at cmp 4834 sl 4815 targets 4880 , went 4924
Nifty 4900 ce – buy at cmp 99 sl 91 targets 116 , went 129.35
Icici bank – buy at cmp 822 sl 818 targets 834 , went 847
Essar oil – buy at cmp 138 sl 136.50 targets 141 , went 141.70
Rolta – buy at cmp 203.90 sl 202.50 targets 208 , went 210.40
Suzlon 80 ca – buy at cmp 3.70 sl 3.45 targets 4.50 , went 4.75
Suzlon – buy at cmp 77 sl 75.50 targets 80 , went 79.70
Btst Unitech – buy at cmp 75 sl 74 targets 79 , holding
Warranty Neyveli lignite – buy at cmp 151 sl x targets x – 2 days (booked full profits at 156 the same day)
Warranty Praj inds – buy at cmp 85.30 sl x targets x – 2 days (booked full profits at 89 the same day)
Warranty Rolta – buy at cmp 201.50 sl x targets x – 2 days (booked full profits at 209 the same day)
Friday’s Secret Mascot Titan – buy at cmp 1527 sl x targets x – booked full profits at 1690
Friday’s Punter Essar oil – buy at cmp 132.20 sl x targets x – booked full profits at 137
Friday’s Fii Axis bank – buy at cmp 1008 sl x targets x – booked full profits at 1025
Friday’s Dii Icici bank – buy at cmp 798 sl x targets x – booked full profits at 822
Friday’s Jackpot Lic – buy at cmp 727 sl x targets x – booked full profits at 755
