DAILY NIFTY OUTLOOK(16-02-12)
With the negative global cues,it is foregone conclusion that it will open lower.We do not see going below 5490 & after shredding the nervousness in initial hours it may continue its northward journey.It is the momentum rally & one has to be high risk taker.We are of the view that liquidity chasing will become more ferocious on this correction. For the day we see 5480-5560 as the trading range, breach below 5480 will head for 5440-5460(low probability)& cross above 5560 will lead to 5660-5680(high probability).
Bank nifty has been mercurial & high beta index compared to nifty as usual. For the day we see 10750-11100 as trading range with 112000-11300 as resistance & 10500-10600 as support.
We recommend a buy on INFY at 2875 with the stop of 2830 for the target of 3030.
We recommend a BUY on EDUCOMP around 238with the stop of 232 for the target of 285 in next 15 days.
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