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The market did open flat to positive and It was again a slightly positive closing for the market. As expected by me that profit booking can emerge near 5010 range we seen sharp and good profit booking from higher side but nifty closed again above its major weekly support of 4920.It seems that now a correction is round the corner and all the long positions should have a tight stop loss placed below 4930 for very short term and 4870 for short term.Its still buy on dip market as long as nifty sustains abv 4770.Higher side it seems that it will take a breath before making and significant move but until we are not having any bad news from global markets or from anywhere else, its not to worry to bulls and they will be dominant.
NIFTY (4965.55)
Resistance : 4995 / 5030
Support : 4935 / 4910 / 4850
Resistance : 16810 / 16905
Support : 16625 / 16540
Resistance : 4985 / 5005 / 5035
Support : 4945 / 4920 / 4890
NIFTY FUT OI flat with 16% decreasing volumes indicating unwinding of long positions at higher levels.
We expect NIFTY FUT to trade rangebound with possibility of profit booking at higher levels.
Buy NIFTY Above 4970,Sl Below 4950,Tgt 4995/5015/5030/5055
Sell NIFTY Below 4950,Sl Above 4970,Tgt 4925/4905/4890/4865
HDFC Above 2600,Sl 2575,Tgt 2645/2670
RELINFRA Above 1190,Sl 1175,Tgt 1200/1210+
BALRAMCHINI Above 128,Sl 128,Tgt 131/35/38+

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