On mixed global cues market to open slightly higher levels with positive bias during the morning session, Selling is expected from the midsession and thereafter to be volatile for the day, for the rally to continue nifty should hold above 5000 levels.
Friday nifty corrected on Dubai crisis ad bounced back from the its support level of 4800 levels, now 4800-4788 to be considered as strong support and on the other hand will face resistance as 5000 level in my view face selling pressure at higher levels and can test 4750 level in the coming days.
Investors are advised to book profits today at higher levels to re-enter at 4750 levels.
Nifty to trade in the range 4750 – 5050 for the next few trading sessions, either side break to give a new direction to the market.
Today in the intraday nifty to trade in the range 4920-5010 levels, either side break to give a new direction to the market.
Technically nifty can take support at 4920/4880/4800 and resistance at 4980/5010 /5050 for the day.
Due to the Dubai crisis infra, capital goods, gems & jewelry and reality to come under selling pressure at higher levels.
THE FOLLOWING SECTORS TO COME UNDER SELLING PRESSURE DUE TO THE DUBAI CRISIS.
Nagarjuna Construction, L&T, Rajesh Exports & Voltas.
THE FOLLOWING STOCKS CAN BE BOUGHT FOR SHORT-TERM GAINS.
HOTEL LEELA > 39.5 SL 38 TGT 43
PANTALOON RETAIL >343 SL 331 TGT 360
Have a nice trading day.
BSE, NSE Stock Ticker, India
Sunday, November 29, 2009
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