DAILY NIFTY OUTLOOK(22-02-12)
The muted response to GREECE solution points for the decelerating momentum in the matured run up of last one month.On the top of this proximity of expiry will downward pressure on overbought market. For the day we see 5570-5640 as the trading range, breach below 5570 will head for 5500-5520(high probability)& cross above 5640 will lead to 5660-5680(low probability).
Bank nifty has been mercurial & high beta index compared to nifty as usual. For the day we see 11000-11300 as trading range with 11400-11500 as resistance & 10750-10850 as support.
We recommend a SELL on LT at 1450 with the stop of 1490 for the target of 1350 & lower.
We recommend a BUY on TATASTEEL on cross above 503 with the stop of 485 for the target of 560 in next 15 days.
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