2 May 2013


Sell Tatamotors future below 295 tg 291,284 sl 299
Buy ICICI Bank future above 1172 tg 1188,1202 sl 1166
As we have predicted nifty just closed near 6000 and also sustained above 5950 throughout the day  Nifty advanced  26.50 points to 5,930, its highest closing level since 11 March 2013. The index hit a high of 5,962  in intraday trade. The index hit a low of 5,867 in intraday trade. Technically, the above formation suggests the short term uptrend might have lost its trendiness somewhat and we need to be vigilant on the subsequent price movement. For anybody holding short term long positions it would be prudent to book some profits at the very least....
Watch out for levels between 5900and 5880—this is the most critical support zone for the day, if it were to be taken out on high volume and large position building in the derivative segment expect further selling to happen book profits on short term and/or intraday long positions for sure.If the Nifty were to move up, beyond 5968, the range between 5970 and 5990 would be a strong supply zone and then again from 6010 through 6020 would be another, if the psychologically important signpost of the 6000-mark is taken out.
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 RESISTANCE:5950,5990, 6010
SUPPORT:     5950, 5920, 5900


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