#150 Nifty Update: Nifty traders Could be IPL winners

Yes!! Cricket fever is back on my mind infact for most of fans of cricket. Presently fans are “Divided by teams but united by king-NIFTY”. Nifty in terms of cricket is always fun for me to post. My post title is not just for the sake it does has a meaning. Nifty could outperform in next few months and even do better than any IPL team. Economic data this week has been cheerful for our markets. Retail inflation plunged to 10.36% and WPI at around 5.6% which almost at lowest of 3+yrs. This made hopes of rate cut more stronger amongst all class of traders. On last Saturday i did posted that Banknifty index was a good positional buy on Monday and we saw +400points in 2 days. Still banking stocks seems a good long term buy at current rates. Coming back to economic situation, india was the only underperformer or you may say late to recover compared to its developing peers. We just needed a strong reason to bounce back and i guess we have got one. Technical 5450-5630 was strong range of support which i did mention in my last post on nifty. I am sure risky traders would have been long  at 5500+ while safe traders would have got long above 5630 which is bull zone as i mentioned in earlier post. If you havent got long, dont worry, you havent missed the bus. Talking for specific sectors than concentrate on Cement sector (Acc and Ambuja) and banking sector (Icici,Dena,Axisbank) for next rally. But even bharti Airtel is good but at CMP for risky traders.  Now the short term target comes down to 5710-5734 and long term target at 6500. 5400 should act as a strong support and that should be the stop loss for positional trade.

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