23 May 2014


"Sell Hindalco Future Below 153 Tgt 151.40/148 Sl 156"

As we have predicted bullish momentum was witnessed by nifty.7360 proved a very good resisting level. This kind of bullish momentum will continue for some more time since price and time both need to be balanced. That balancing act is currently on where you see good amount of distribution at the top as well paving the way for an eventual intermediate term correction. since last Friday market having such a great movement due to BJP’s resounding election win is credit positive for India as it boosts the prospect that a stable government will address the country's economic challenges. For Monday we are expecting that bullish momentum will be continued on Monday also. Today nifty opened at 7329 made a high of 7395 and low of 7306 and closed at the level of 7382.total 89 points played by nifty today. On Monday the new target for nifty will be 7390-7425 while on the downside the levels 7350-7315 will be proved as very good supporting levels. We are not expecting that the Nifty to fall below 7000 and rise above 7563 before the May series of equity derivatives ends.
Mr.Narendra Modi will take the oath as India's new prime minister on Monday 26 May 2014.
The Bank Nifty looks also better but it is consolidating or engaged in some form of time balancing act. today it started at 15030 made a high of 15390 low of 15000 and closed at 15348.total 390 points attainded by bank nify today.now for monday If it manages to get past 15500 only then expect a directional swing or else it will continue to be as range bound as it is now without reading much in these small intraday swings. Just like the hurdle at 15500, the same applies on the downside to the level of 14850 as a key support zone. These two levels are boundary markings within which the Bank Nifty would play in the short term and expect directional swings only beyond these levels on either side.
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RESISTANCE: 7380, 7400, 7420
SUPPORT:  7260, 7240, 7220

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