Thursday, February 15, 2007

NIFTY Update

Below is view on NIFTY from Sharekhan.com

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Relief Rally of 100 Points

The Nifty saw a relief rally today after correcting by almost 300 points from the top in the past few days.

The Nifty saw a relief rally today after correcting by almost 300 points from the top in the past few days. It closed the session up 100 points and above its 20-day moving average (20-DMA). In the short term, the Nifty has crossed the 61.8% retracement of its fall from 4245 to the low of 3965. It can be expected to test 4200 levels. On an intra-day basis, the Nifty will face resistance around 4200 levels and on breaking and sustaining above this level, it should test its all-time high of 4245. On the downside, supports for the Nifty exist at 4126, which is the 20-DMA. Below that, support lies at 4100 levels. In the short term, any decline towards the 20-DMA should be taken as a buying opportunity in the Nifty. On an intra-day basis, the Nifty will face high volatility in the coming days and one should be cautious if the index breaks the crucial support of 4100. As long as the Nifty is trading above the 20-DMA, our bias for the short tem remains Up.

Tisco should target Rs455 with support at Rs435.
TCS looks good and should test Rs1,320 with support at Rs1,275.
HLL should bounce back from the support level of Rs200 and test Rs216.

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Happy Trading

1 comment:

share trading on line said...

Its really helpful and informative, thanks a lot for providing the nifty updates!