16 October 2012

NIFTY TRADING TIPS FOR 17 OCT 2012

Buy Tatamotors future above 265 tg 269,273 sl 262.30
Sell LT future below 1610 tg 1590,1570 sl 1632
Buy Nifty future above 5650 tg 5680,5710 5730 sl 5620
The call given of SAIL  in last post achieved first tg today.
NIFTY OUTLOOK FOR TOMORROW
Index  edged lower in choppy trade on political worries as the Opposition parties stepped up pressure on the government. The market slipped into the red in mid-afternoon trade. Index witnessed a reversal from the corrective swing that took it  to seek a short term bottom at 5636  in intraday trading today Nifty   settled  at 5,648, its lowest closing level since 20 September 2012....

However  the bulls need to maintain the index above 5715 tomorrow to carry on this fledgling bullish momentum post the short term corrective hence, this level of 5715 should be treated as the first resistance point. Beyond that 5730, 5741 and 5753 are the three next resistance levels to watch out .
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RESISTANCE:5715, 5730, 5770
SUPPORT      :5650, 5630, 5550