Nifty

#36 Nifty Update

NIFTY is acting as a JUMPER since last 5 trading sessions with recovery of almost 300 points which is good for us. Market closed at a very crucial point i.e., 5600 level which is a most important level for breakout. Technically speaking today market opened with a Gap of 8 points which is significant. if market closed above 5600 levels for 2 more trading session then we could see 5936 levels. Double bottom is witnessed on weekly chart as seen in the graph today. All the global cues are positive and so we have seen a rally towards sky in all the markets. TATA motors got some relief on singur land and govt. won’t return land to farmers. In Auto segement, Toyota  Etios is giving a good fight to Maruti’s Dzire. Vedanta-Cairn deal has moved further 10% up on the acquisition of “buy back” shares by Vedanata and remaining 30% deal to commence after government nod. My long term picks Jain Irrigation, TATA Steel and BHEL have achieved their first target and I still recommend to buy on dips for long term. Strategy for tomorrow is wait and watch as its expiry tomorrow. Don’t take any new positions until market is above 5700 and exit in existing positions below 5500.
NIFTY levels for 30th June:-
R-5667             S-5575
R-5700             S-5525
R-5731             S-5508
R-5750             S-5460

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