3 July 2012

INTRADAY TIPS FOR 4 JULY 2012

BUY DLF 200 PUT @3.60 TG 5.80, 7.80, 8.90
BUY ONGC FUTURE ABOVE 295 TG 302, 305, 307 SL 288
Nifty  rose 9.35 points  to settle at 5,287.95, its highest closing level since 20 April 2012. The index hit a high of 5,317 and a low of 5,265.95 in intraday trade. The SGX July Nifty contract is also moving up and is currently at 5319.50 on moderate volume . Thus, it looks like Nifty is  headed for a test of 5300+ levels again. Bulls are starting with  advantage.


 On the upside, the  range between 5319 and 5336 would be the first resistance zone to watch out for once the supply around the 5300-mark is taken out; secondly, the range between 5363 and 5382 would be a major hurdle to overcome. Frankly  do not expect the Nifty to clear this zone successfully at the first attempt. Rather expect good selling pressure to come in if such levels are seen for any reason.

On the way down--if profit booking starts happening again—below 5279, the levels between 5267 and 5254 would continue to give support. For the day, bulls would retain their initiative till such time the Nifty closes below 5215 firmly.
You can also check for option
Resistance 1
5310
Support 1
5260
Resistance 2

5340
Support 2
5230
Resistance 3
5390
Support 3
5190




                       

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