On mixed global cues and the bonus news on reliance industry, market to open at higher levels and to trade at higher levels during the morning session and there after expected to be volatility in the second session of the day, however at higher levels selling pressure to emerge.
Yesterday nifty closed marginally above its s first support level but sustained above 4950 and overall looked as losing its strength but today due to RIL bonus announcement to improve the market sentiment and if holds above 5030 level then can test 5100 today itself. At higher levels it will be make sense to book partial profits, if closed above 5100 further rally to continue till 5250 in the coming days.
Nifty to trade in the range 4950-5050 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 4920/4950/4980 and resistance at 5030/5080/5120 for the day.
In SUGAR space BAJAJHIND & BALRAMPURCHINNI to be active for the day.
In INFRA space GMRINFRA & NAGARJUNA CONTRUCTION to be active for the day.
In Telecom a technically pull back rally is expected, sell at higher levels.
News Counter for the day
Buy reliance and hold it for two days and then sell.
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 & BALARAMPUR CHINNI >131, VIDEOCON >240
Have a nice trading day.
BSE, NSE Stock Ticker, India
Wednesday, October 7, 2009
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