22 November 2012

NIFTY OUTLOOK FOR TOMORROW

Sell ICICIBANK Future below 1030 Tg 1024/1017 SL 1039
Buy INFY Future above 2398 Tg 2415/2434 SL 2382
Index  regained strength in afternoon trade after Lok Sabha Speaker Meira Kumar rejected Trinamool Congress no-confidence motion against the government on its decision to allow foreign direct investment  in multi-brand retail sector. Nifty was up 13 points  5,628.. The index hit a high of 5,638 its highest level since 16 November 2012. The index hit a low of 5,608 in intraday trade....
The index looks bullish , once it takes out 5650 with lot of volume based buying support it can move up further. And unless it falls and stays below the 5580, its strength will continue. On the way up, 5670 – 5690 would be the first significant hurdle once the 5650-barrier is decisively taken out. We can be quite confident of the recovery swing carrying on a sustained basis once we see the Nifty getting past 5660-mark comfortably and staying above that.
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RESISTANCE:5660 5690, 5720
SUPPORT      :5650, 5630, 5600

                  

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