NIFTY TIPS FOR 2 AUG 2012

BUY JP ASSOSIATES FUTURE ABOVE 76 TG 77.80 ,78.90 SL 74.70

SELL TATA STEEL FUTURE BELOW 412 TG 408, 405 SL 417

BUY DLF 230 CALL @ 2 TG 3.20 ,4.60 SL 1.10

It was completely lack lustre session for the Indian equity benchmarks on Wednesday due to lack of local and global cues

.The index showed a remarkable recovery, from the day’s low of 5154, in the second half; most probably, this is due to the market getting an early inkling that Mr Chidambaram would once again be brought back as FM. Now, if  the index moved above the 5235, expect resistance to surface at Nifty levels of 5279—this  one is a very tough hurdle for the market. We are not expecting it to be crossed so easily since the crossing of 5100 – 5200 supply zone is not yet successfully sealed. Unless this demand zone is exhausted by massive supply of stocks, expect the same if there were to be a fall in earlier part of today’s session. The above support range is fairly strong to withstand any minor to moderate profit taking. We suggest booking profits in long positions if the Nifty were to test levels above the 5250-mark.

You can also check  INTRADAY TIPS

Resistance 1	5250	Support 1	5220
Resistance 2	5270	Support 2	5200
Resistance 3	5290	Support 3	5180