On global cues market to open higher levels and thereafter to be range bound during the morning session and there in the second session volatility is expected with a positive bias during the day and at higher levels selling pressure to emerge.
Monday nifty reversed and made a huge move from the lower levels and closed well above 5000 levels, Today nifty to face resistance at 5100 levels and then at 5120 levels which will be a selling opportunity with a stop loss of 5150 levels and above this level it can test 5300 in the coming days, support is at 5000 and then 4950 below this it can test 4790 as said earlier and this will be a buying opportunity.
Nifty to trade in the range 4980-5120 levels, a break below either side to give a new direction to the market, A close above 5100 can take nifty to 5300 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 5020/5000/4950 and resistance at 5080/5120/5150 for the day.
IN POWER SPACE- ADANI POWER, RPOWER & POWER GRID TO BE ACTIVE FOR THE DAY.
IN METAL SPACE -TATASTEEL & ISPAT TO BE ACTIVE FOR THE DAY.
IN BANKING SPACE-DENA BANK, SYNDICATE BANK & KTK BANK TO BE ACTIVE FOR THE DAY
IN TELECOM SPACE-BHARTI & IDEA CAN BE BOUGHT ON DIPS FOR LONG TERM.
New Counters for the day
Buy Reliance Group stocks to be in demand to due to patch up between the two brothers and power stocks to be in demand due to India Bull’s IPO.
The following stocks technically good for medium term
IDBI > 133, RAYMONDS > 199, ESCORT >102 and KTK BANK >134, DENABANK>68, HOTEL LEELA >40, ISPAT >24
Have a nice trading day.
BSE, NSE Stock Ticker, India
Tuesday, October 13, 2009
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