For the week ended, the Nifty moved in narrow range of 150 points.On the first day, the Nifty bounced after testing 4628 points (lastweek’s low) but later both the counterparts held on to their dailysupport and resistance at 4660 and 4815 points. Among the SectoralIndices; Oil & Gas sector rallied which was well supported by othersectors; as a result arresting the downfall. Movement was also seenin select Midcaps. Volumes remained almost the same.Trendline support in blue is now shifted up to 4577 points. Asmentioned earlier, as long as it holds the Bulls need not worry.Weekly support is at 4616 points and the 61.8% retracement (4840)of the recent fall from 4971 to 4628 points is the first hurdle on theupside. Once it is sustained we could see the Nifty testing 4935 and5056-5070 in an optimistic scenario.From an immediate scenario, the Bears need to push the Niftybelow 4616 points to gain upper hand. Failing which could see someshort covering. Immediate support is at 4654 points whileresistance at 4853 points needs to be sustained for upsides. It is aweek of only 3 trading sessions and range expansion is also overdue.The Bulls should capitalize on the opportunity created. Expectmarket to remain swinging and volatile.
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Dena Bank Buy for ST CMP: 52.90 Tgt: 58 & 63The weekly candlestick chart of Dena Bank shows a decline from Rs.99 to Rs.47. Forthe past couple of week the selling pressure appears to be exhausted. It has made abullish candle on decent volumes. One can buy gradually around Rs.50-51 with astrict stop loss below Rs.46.80 in close for a bounce up to Rs.58 in the next 4-5 tradingsessions and 63-67 in the coming 10-12 trading sessions .
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Bharat Elec Risky Buy CMP: 1172.05 Tgt: 1222-1234The daily candlestick chart of Bharat Elec (BEL) shows a vertical decline fromRs.1538 to Rs.1040. It is facing resistance at Rs.1197; however getting support atRs.1135. It is in a short term downtrend; high risk traders can buy in smallquantities preferably in declines around Rs.1145-1155 with a strict stop loss belowRs.1118 in close for a pullback up to Rs.1222-1234 in the next 3-4 trading sessionswhich if sustained an optimistic target of Rs.1258 in the next 10-12 trading sessions.
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* It is an anticipatory call hence trade in cash and in small quantities.
* ST – Short term, MT – Medium term
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