Dear Investors
On Friday 10th Dec., market closed with some bounce back from four days of falling trend. It has to be seen whether this bounce back sustains in coming days so as to say that a bottom is formed or it acts like a ‘dead cat bounce’, and starts correcting again. One should take positions with strict stop loss on both sides, up and down.
From Friday’s close of 5857, Nifty must sustain levels of 5763 on down side to keep bounce back maintain. Nifty has to cross 5907 so as to continue the upward bounce and go on to testing 5958, to call it change in trend
The PIVOTAL POINT FOR moves on both the sides is 5814 around which Nifty is likely to move on Monday.
Watch the important support and Resistance levels
PIVOT is at 5814
Support 1: 5763
Support 2: 5670
Support 3: 5619
Resistance 1: 5907
Resistance 2: 5958
Resistance 3: 6051
Any up move to change the trend in upward direction needs Nifty to cross 5960 level.
It is advised to trade with caution.
I am not sure if there are still more cockroaches hidden in the cabinet that might jump out some day and spoil the show even further. After all, it's always better to be safe than sorry.
Compulsive ‘Intra day Traders’ can take positions in
SBI @ Current Market Price (CMP) 2732 with Stop Loss (SL) @ 2622
M&M @ CMP 780 with SL @ 761
ITC
WIPRO
One can enter in,
1) KFA (Kingfisher Airlines) @ 60/61
2) ACE (Action Construction and Eng.
3) Hexaware @ 89/90
4) Piramal Health@ 450/452
5) Tutis Tech@ 23/24
6) EMCO @ 60/61
7) Jagran Prakashan @130
For 2/3 days gains, with 5/6 % stop loss from Fridays close.
Thanks
Dr. Vasant Bele
Disclaimer: Views expressed are mine. Take your own investment decisions
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