On strong global cues market to open at higher levels and to trade at higher levels during the morning session and there after expected to be volatility for the day and a pullback rally to continue but however at higher levels selling pressure to emerge.
Yesterday nifty made a steep pull back in the intraday from its strong support levels of 4900 and even today we can see a technical pull back, but for the rally to continue nifty should hold 5050 and on the higher side 5100 ,if nifty trades below 5000 levels can drag the nifty to 4900 and then 4790 levels in the coming days, I see a strong support at 4800 levels anyhow at this market condition traders should maintain a cautious approach at higher levels and one has to lighten their long positions and re-enter at lower levels.
Nifty to trade in the range 5000-5100 levels, a break below either side to give a new direction to the market, A close above 5100 can take nifty to 5250 levels in the coming days and a close below 4950 to drag the nifty to 4790 in the coming days, Nifty to have support at 5000/4950/4920 and resistance at 5060/5080/5120 for the day.
In metal space TATASTEEL, JWS STEEL & ISPAT to be active for the day.
In Power space RPOWER & RELIENCE INFRA to be active for the day.
In Telecom a technically pull back rally is expected, sell at higher levels.
News Counters for the day
1. Gitanjali gems buy > 123 SL 119 tgt 131
2. Jws Steel > 870 SL 850 tgt 900
The following stocks technically good for medium term
GMRINFARA@ 71 , IDBI@123 , DCB @36, IDFC@152 , GTL INFRA @42, ISPAT@25 , RCOMM@267, Rpower @ 165 & ZICOM @102
Have a nice trading day.
BSE, NSE Stock Ticker, India
Tuesday, October 6, 2009
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