DAILY NIFTY OUTLOOK (06-01-12)
With the mildly negative global cues ideally market should open negative. For the last three days nifty is in the congestion zone of 4730-4780 & ideally a break out is likely today. However we expect a mild or false break down to 4670-4680 & reverse vehemently towards 4780-4790 & then later to 4840-4850. For the day we see 4720-4730 as the support & 4780-4790 as the initial resistance & cross above 4790will lead to retest of 4840-4850 range.
Bank nifty has been mercurial compared to nifty as usual. Yesterday’s consolidation pattern is more bullish than nifty. For the day we see 8275-8325 as initial support & 8425-8475 as initial resistance & cross above of this will lead to 8650-8700.
We recommend buying GAIL around 375 with the stop of 365 for the target 405 & above in next 15 working days.
We recommend buying HCLTECH around 417 with the stop of 410 for the target of 450 & above.
Comments