14 May 2014


"Buy SSLT Future Above 200 Tgt 204/208 Sl 195"
The barometer index, edged lower in choppy trade as investors awaited the outcome of the recently concluded Lok Sabha election after expectations of a coalition led by business-friendly Bharatiya Janata Party (BJP) emerging victorious in the election sent stock prices surging during the past three trading sessions. The Nifty ended unchanged for the day. The market breadth, indicating the overall health of the market was positive.
NIFTY made a high of 6171 and a low of 6107 .Again another all-time high for the Nifty at 7172 but with a lot of volatility however, one good development is that India VIX has come down from 37 to 32 it’s a big and an encouraging development for the bulls for the VIX going up and staying at higher levels is a strong  bearish signal.
As it is, the index has closed much lower from the intraday high of 7172 at 7108 this in itself is a suggestion of sellers getting a upper hand in the late hours of the session after two days of solid drubbing. Nifty needs to decisively clear the 7170 through 7185 resistance zone. The upward target for this move would be 7242.
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RESISTANCE: 7170, 7190, 7240
SUPPORT:  7150, 7130, 7100

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