After sharp rise in early week but it was tumble and find a good support 18400 ranges which is also placed at 50 and 20 DMA. In a medium term Index will take support 18000 and decisively close below only invite correction in the market and hold this level strong bounce back ca not be ruled out. In this week, we may consider resistance 18936-19150-19500; down side support likely 18130-18000 to be watch out. Trading range of this week 18000 to 19140 watch out.
BANK NIFTY : In the last we saw trading range of 11000 to 11500. Overall short-term trend is bearish and formed rejected candlestick with long upper wick indicating some selling pressure at higher level. On the other hand, in wave structure, Bank Nifty seems to have completed a three wave corrected up move and ready to thrust another set of five waves down move could be witnessed. In this week, we may consider major resistance 11450-11500 and reversal to sell side, down side support 11000-10950, hold this level bounce back cannot be ruled out.
Today: Bank Nifty stock opened negatively and it showing some range bound situation and close flat too negatively. Now we may consider support in bank nifty 11205-11100 and resistance is 11360. Sell on rise strategy to be follow. Magic No. 11190
CNX IT
After the result of IT major Infosys - overall disappointment in IT Sector, however TCS result given some relief. Overall short to medium term trend of the IT Index is down after a made a high of 7374. Index already broken major support range 6500-6750 and currently is trading well below its 200 day moving average. On the other hand both daily and weekly chart, rate of change indicators are featuring in the negative territory signaling selling interest.
Daily Moving Average and RSI have signaled a sell and are on the brink of entering the negative territory. We may consider down side on weakness it will take support 6170 and 6000 mark in ensuing week. On the up side successfully crossover 6700-6850 will mark the change of trend and may test 7000 mark. On the long term still hold bullish as long as move above 5450. Strong move above 7000 will test 7500-8000 mark.
Today: More punish in coming days... sell on rise strategy.... Major resistance 6500-6541-6600 range, down side strong support 6304-6250-6208 watch out.
ONGC
Break down support level
Time to sell on rise with tight stop loss.
RELIANCE
Looks good...
Weakness only below 861
Strength show above 882.
LIC
Small Trading range
220 to 225 ... and decide your
Trading strategy.
IDFC
Watch resistance 140-141
Sustained above think to buy side.
TATA MOTOR
Today crucial level 1010 in FO
Hold this level bounce back.
RELIANCE CAPITAL
If not break 589
No problem for bulls..
DLF LTD
Just today watch
Whether hold or not 229
Below bear favour - Above Bull.
ICICI
Keep a stop loss............?
And buy for target 1080
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