Buy IFCI 40 Call @ 1 Tgt 1.70/2.20
Sell Tatamotors Future Below 533 Tgt 528/521 Sl 539
Nifty was on
fire today. Today nifty crossed the resistance level of 8330 and made a new
high of 8350, but in last half an hour of trading session nifty slipped down
and came to 8324.Today nifty started at 8348 and made a low of 8297, total 53
points was moved by nifty throughout the day. This Monday’s high of 8335 would
be the most crucial level for this truncated week in which there would be two
trading holidays tomorrow and Thursday. In such a truncated week, bulls might
not be carrying the large long positions they have created during last week and
might well resort to profit taking. In such a situation, the range
between 8335
and 8375, for Wednesday, might act like a supply zone. Thus, crossing this zone
would be quite important for the bulls and if they do not show much enthusiasm
then expect profit taking to begin anytime during the trading session. However,
even though there is this possibility of profit taking but the index could well
see an opening above 8334 level and the index could go even higher initially.
The 8320-8375 levels would act as supporting levels for nifty on Wednesday.
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RESISTANCE:
8335, 8385, 8435
SUPPORT: 8285, 8235, 8185
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