NIFTY LIKELY TO FIND STRONG SUPPORT AT 5980 - 5930, MAJOR - TopicsExpress



          

NIFTY LIKELY TO FIND STRONG SUPPORT AT 5980 - 5930, MAJOR RESISTANCE AT 6150 STAY CAUTIOUS. NIFTY (last close - 6056) sustainable closing above 6090 will open new higher range for nifty i.e. 6241 - 6400 - 6561. In down side NIFTY likely to find trend reversal below 5930 closing, in any case if Nifty sustain closing below 5930 then benchmark will open new lower range upto 5670 - 5625 - 5476, though NIFTY closed above important support of 5930. Now 100 / 50 DMA will act as strong short term support. Nifty likely to find resistance at 6093 - 6129 - 6158 and supports at 6028 - 5999 - 5963 for the day. Technically, we are suggesting that one should Buy NIFTY (CLOSE 6056.15) above 6070 closing and keep stop loss below 6020 targets 6150 - 6180. SELL NIFTY (CLOSE 6056.15) below 5930 and keep Stop Loss at 5980 on closing basis targets 5776 - 5670 - 5476 (Short term Positional Sell Call). Stock for short term - WIPRO (CMP - 493) - Buy for 528 - 544.
Posted on: Mon, 18 Nov 2013 05:07:32 +0000

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