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SI Reporter/Mumbai 05 Jul 12 | 06:26 AM

Last close:  5303

Nifty continue to trade in a narrow range for its third consecutive day after smart rally of more than 150 points on last Friday due to EU summit. Overall the broader markets manage to hold on to its gains with the midcap and small cap indices up by 0.7% each. Metal, reality, consumer goods and CG were the sectors which helped the nifty to end above 5300 for the first time since mid-April, 2012. For Thursday, Nifty can face hurdle around 5340, on the downside can support around 5260-5240.

Last close: Rs 326.95
Target: Rs 340

It corrected strongly from the highs of 450 while trading in a downtrend sloping channel. In the first quarter of the current year, the extreme oversold condition in RSI indicator & rising volume pattern suggested strong chances of reversal. Consequently, it rose considerably with volume which leads to the short term trend reversal. After that spurt, it went into consolidation range of 300-315 levels & broke out of the same in the last traded day’s so one can accumulate the stock for the upside target of 340 with SL of 319. Positional trader can also initiate long for the targets of 360-370 levels.

Last close: Rs 1418.80
Target: Rs 1460-1470

On weekly charts, stock has formed the lower highs and higher lows sort of “Symmetrical Triangle" formation which is bullish in nature and it took around ten-months to form so the potential of rise is quite strong. For confirmation, stock has given the pattern breakout in the last traded week with strong rising volume and it continues to trade above the breakout level. Buy this stock for the upside target of 1460-1470 with SL of 1392.

Last close: Rs 54.30
Target: Rs 58-59

After testing its earlier support zone of 41-43, stock continues to trade higher while forming the upward channel on daily chart. Stock is comfortably trading above short term, medium term and long term moving averages. We can easily visible the positive divergence between the RSI and price chart so one can buy this stock for the upside target of 58-59 with SL of 52.50

Source: Mudit Goyal, techncial analyst, SMC Global

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