8 May 2013

BULLS GET ANOTHER WEDNESDAY WIN:MAY CONTINUE TOMORROW

Buy IDFC 160 call @ 3.50 tg 6.30,9.59 sl 2
Bank Nifty call given yesterday almost achieved first target.
NIFTY OUTLOOK FOR TOMORROW
Bulls are in action now,as we have stated in last post nifty opened and sustained above 6000. The Nifty closed at 6069.30, up 25 points over the previous close. With today’s rise, the Nifty has gained 575 points or 10 percent over the last month. Tomorrow  we expect a gap up opening in the market above 6060 Nifty level....
Chances are it would move further up. From the reading of the end-of-day chart of the Nifty, we think there would be no stiff resistance till such time the Nifty reaches 6090 level however, the levels around 6080-might act as a minor supply zone. The potentially strong supply pressure that the Nifty would have to negotiate on its upward march is likely to be seen between 6090 and 6130. While the momentum clearly suggests a move upwards we need to keep certain levels in mind in case of any profit booking led sell off. First the range between 6030 and 6010 would, most likely, be the first line of support .
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 RESISTANCE:6030, 6050,6090
SUPPORT:     6000, 5980, 5930

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