MOTHERSUMI cmp: 398.90Buy on dips with a target expected 423 & 440.00TATAMOTORS cmp:519.15Buy only above 523 with a target expected 532.00MARUTI cmp:3177.20Buy on dips with a target expected 3260.00AMBUJACEM cmp: 216.90Buy on dips
The nifty closed 4th consecutive week in negative territory. It has finally broken out of range on down side as expected. It has broken & closed below crucial support of 7800 levels on nifty at the end of weekly trading session.
S&P CNX NIFTY CMP 7842.70 Near Term: Trend is down on charts, traders strategy would be sell only on rise, whereas resistance expected is around 7900. Intraday trading Levels Buy Above: 7855 Resistance 7863 | 7876 | 7897 Sell Below: 7830
Excess volatility likely due to RBI policy review. Stop-loss long positions at 7,925. Stop shorts at 8,085. Big moves could go till 7,850 or 8,150. A long 7,900p (72) and short 7,800p (46) costs 26 and could gain 15-20 on a big slide.
Near Term: Trend is down on charts whereas post sharp correction a small technical bounce could be expected, resistance on charts is expected between 240 - 245. Best trading strategy for traders would be sell on rise espically within the range.
The futures are at high premium, given weak sentiment. Stop-loss shorts at 8,050. Stop-loss long positions at 7,925. Big moves could go till 8,100 or 7,875. A long 7,900p (83) and short 7,800p (52) could gain 10-15 on a big drop.