6 March 2013

NIFTY OUTLOOK AND OPTION TIPS FOR TOMORROW

Buy AXIS bank 1450 call @ 20 tg 26.50,32.40 sl 15.50.
Relinfra 460 call given in last post achieved first target .
NIFTY OUTLOOK FOR TOMORROW
After a strong Tuesday, the day saw a stable close today. Nifty added 34  points to close at 5818. Overall, the market remained in narrow trading range. Steady European markets also boosted sentiments in India. It promises to be a great day for the market—we would probably understand if this rally really possesses more strength than just that of a corrective pullback one. In all likelihood, we might see a test of 5830 through 5865 supply zone shortly. ...
The moot point is whether it can get past that zone successfully or not. Right at the doorstep of the above supply zone, the level of 5850 itself is a tough resistance for the Nifty to overcome.One heartening thing is that the index has crossed 5750-mark and now levels around that 5750-mark would offer strong support to the Nifty Else, it can again be some consolidation between 5750 and 5865 range, at least for some time.If, by any chance, the market manages to take the Nifty beyond 5880—still almost another 100 points from here—and firmly make it stay there then we would be mostly out of the woods for now.

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RESISTANCE:5820 5860, 5880
SUPPORT:     5800, 5750, 5720

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