Market View for week
16-20 Dec:
Bears have taken strong control of the
market through-out the last week. Market fell consecutively for 5 days.
Nifty has support at in the range
6150-6170. If nifty holds this support on Monday, it is likely to bounce back
to intermediate resistance level of 6230. This can happen in 3-4 trading
sessions. In a very short term we can expect a small upward move in the week to
come.
If this support 6150 is broken on closing
basis, we can expect Nifty to move down. The next strong support is in the
range of 6090-6110.
However Nifty is in upward momentum in the
medium term. Small pullbacks downward can be used as buying opportunities by
investors. Traders should use small moves on either side to go long or short.
Be stock specific. In these market conditions, earn money on both sides.
Recommendations of the week:
IDFC: Technical Chart of IDFC is suggesting
that it is moving further down. Short Sell IDFC near 104 (Future Price) for
target of 100. Maintain stoploss at 105.50. Trade this stock for profit
potential of 4% during the week to come.
M&M: Irrespective of weak market
conditions Mahindra & Mahindra has
shown strength. Chart is suggesting that it is going higher. Buy M&M near
954-955. Target is 975 and stoploss is 950. Trade this stock for profit
potential of 2% during the week.
TATASTEEL: It has come near support area of
410. Put stoploss near this area. Buy Tatasteel near 418 for target of 430.
This gives profit potential of 2.8%.
For any clarifications on these
recommendations , you may mail us on support@bonvista.in
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