5 July 2013


Buy IDFC future above 128 tg 129.90,132 sl 125.20
Sell Tatasteel future below 255 tg 249,241 sl 262
Nifty was up 26 to 5,863. The index hit a high of 5,900 and a low of 5,858 in intraday trade. Nifty crossed 5900 but could not sustain there.It could see the Nifty opening around 5870 or thereabout if the cues from the SGX July Nifty are any indication. We would feel optimistic about the Nifty making an attempt to clear the 5900-mark if the index manages to stay above level during the day more upswing can be seen. However, crossing 5895 thru 5905 would be quite a task for the bulls since it would, most likely, see a lot of selling pressure coming at these levels....

However, only when you see it decisively crosses and stays above 5940 on closing basis for at least two consecutive sessions expect the onset of a sustainable rally.
In our view, we would still consider the market to be a range bound trading market where the best strategy could be to adopt buy weakness sell strength type of a stance with a relatively smaller position sizing than in a trending market.
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 RESISTANCE:5840, 5890,5920

SUPPORT:     5820, 5790,5720

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