Dear Investors
At last Nifty has given some signs of ‘Breaking Out’ of consolidation in upward direction. Even though it is on eve of F&O Expiry, the amount of volatility was not very much. It has to be seen how Nifty closes on expiry day, Thursday. Nifty has to cross 6084 to give a clear cut breakout confirmation. One can built longs with stop loss at6019/5978 support levels, if not violated then carry the long positions to the level of 6115, and watch for next moves.
Technical data for Thursday 30th Dec 10
NIFTY PIVOT is @ 6043
R1 (First Resistance) is @6084
R2 (Second Resistance) is @ 6108
R3 (Third Resistance) is @6149
The Pivot should be used as a guide to create long or short positions and decide the trend of the market for the day, resistance levels are to be used as a guideline to carry forward long positions and/or to book profits
S1 (First Support) is @6019
S2 (Second Support) is @5978
S3 (Third Support) is @5940
Support levels are to be used as guideline to keep stop loss for the existing longs and /or to create shorts for the day. Break below S3 may indicate reversal of the short term trend.
Stock specifics:
It is adviceble to take long positions in:
TISCO
STERLITE
SESAGOA
HINDALCO
GUJ.AMBUJA
ASHOK LEYLAND
UITED PHOS
SREE RENUKA
ALOK
ARVIND
BLUE STAR
AMRYTANJAN
Blue star (Investment call) @435
Momentum/ Investment call
Amrutanjan(Technical call by Mr. Avinash Patil, Tech Analyst)
Todays close: 749
30DMA676
50DMA707
200DMA762
The volumes on 29th were very high indicating investment buying.
68.1% Retracement of the movement from low 274 on 24th 0ct 2008 to the high
Of 1345 on 5th April 2010 is placed at 795. Cross above the levels of 200DMA and retracement level of 68.1% will take the stock in a new upward range towards the top.
PIVOT is @733
R1 is @ 792
R2 is @ 835
R3is@ 894
S1 is @690
S2 is @630
S3 is @588
HOPE FOR NEW BREAK OUT IN 2011
Thanks
Dr. Vasant Bele
Disclaimer : Invest at your risk , these are my views.
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