DAILY NIFTY OUTLOOK(17-01-12)
With the global news flat to positive we expect mildly flat opening. We do not see any run away rise & collapse & keep steadily rising blue colour channel ( as shown in the chart) barring unforeseen events. For the day we see 4830-49100 as the trading range, breach below 4830 will head for 4780-4800(low probability) & cross above 49100 will lead to 4970-4990(high probability).
Bank nifty has been mercurial compared to nifty as usual. Yesterday’s pattern is more bullish than nifty. For the day we see 8825-9100 as trading range with 9250-9300 as resistance & 8675-8725 as support.
We recommend buying LICHSGFIN at 245 & then on decline to 235 with the stop of 230 for the target of 285-295.
We recommend buying McDowell at 632 & then on decline to 610 with the stop of 605 for the target of 750 & above.
Bank nifty has been mercurial compared to nifty as usual. Yesterday’s pattern is more bullish than nifty. For the day we see 8825-9100 as trading range with 9250-9300 as resistance & 8675-8725 as support.
We recommend buying LICHSGFIN at 245 & then on decline to 235 with the stop of 230 for the target of 285-295.
We recommend buying McDowell at 632 & then on decline to 610 with the stop of 605 for the target of 750 & above.
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