29 August 2013


Sell RPOWER future below 66 tg 64.50,62.20 sl 68.20
Buy HINDZINC future above 121 tg 124.50,127.90 sl 118.40
INFY call given in post achieved all targets.
Another pullback corrective rally happened  today. mostly due to the probable short covering that took  place on account of the August derivative settlement day today. Nifty managed to cross 5420 today. However, so long as the Nifty fails to take out the range between 5420 and 5460 supply zone decisively, we can’t expect further sustained upswing. This is going to be the acid test range for the bulls .....
In the unlikely event of the Nifty clearing 5460 and stating above that then 5485 through 5500 would be the next supply zone to watch out for. On the downside, now, the range between 5300 and 5350. We don’t expect any strong uptrend shaping up from here unless the above conditions are fulfilled even then any uptrend getting past 5400 could well get terminated by the time it reaches 5650 thru 5700 range.
RESISTANCE:5420, 5460,5500

SUPPORT:     5400, 5350,5300

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