DAILY NIFTY REPORT (10-01-12)
With the mildly positive global cues ideally market should open positive. For the last five days nifty is in the congestion zone of 4680-4780 & ideally a break out is likely soon. However we expect a retest of 4790-4800 & as a high probability it may head for 4840-4850 & as low probability it may come down to test the 4685-4695.In any case we caution is the buzz word prior to the commencement of earning season.
Bank nifty has been mercurial compared to nifty as usual.Yesterday’s consolidation pattern is more bullish than nifty. For the day we see 8275-8325as initial support &8525-8575 as initial resistance & cross above of this will lead to 8675-8725.
We recommend buying APIL around332 with the stop of 325 for the target 36& above in next 15 workingdays.
We recommend buying EDUCOMP around 214with the stop of 210 for the target of 240& above.
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