DAILY NIFTY OUTLOOK (03-01-2012)
With the positive global cues we expect gap up opening in the range of 4665-4675.However we do not expect it to cross 4685 & commence decline towards 4590-4600.Nonetheless we are of the view it will again attempt to test 4675-4685 range in later part of the day. The decisive breach of 4590 will lead the prices to tend towards the lower support at 4530-4540.Similarly a convincing cross above 4685 will provide the momentum for the 4710-4720. Breaking the range of 4590-4685 is less likely to break either side in the absence of major news flow.
Bank nifty has displayed more bearish tendency than nifty in last two days. For the day we see 8075-8125 as initial resistance & 7875-7925 as initial support. Breach below 7875 will lead to test the 7675-7725 support bands.
We recommend buying IFCI on decline around 21.75 with the stop of 20.00 for the target 27.00 & 32.50 in next 8- 20 days.
We recommend buying ARVIND around 64.00 & then on decline to 62.50 with the stop of 60.00 for the target of 73.
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