US Markets are trading at all time high. Global markets for
last week have traded (mostly) in green. Nifty has smoothly raised from
8250 to 8458. That was pretty smooth, but did not have force into it. Coming week we have F&O expiry. What next?
Technical Overview: Last week Nifty made high of 8489 and low of 8272. A range of almost 220 points. On Weekly chart Nifty gives nice Morning Star Pattern. This makes us believe positive view for next couple of weeks. However on daily chart Nifty has immediate resistance at 8500.
If
Nifty breaks 8500 and sustains above 8500, next target would be 8700.
However, tomorrow's (Monday) trade remains crucial. If Nifty gives a
(downward) pull-back from this level, it can move down to its support at
8260. All this may not come very smoothly, as we have F&O expiry on
28th May. The markets may trade choppy.
Short Term (Few days to a Week) : For
short term Nifty can see a pull back. However this pullback may not
give opportunity to short - sell. Wise move would be to wait and watch
for Nifty to take support to take a long position.
Medium Term (Few weeks to a month): One can buy Nifty future near support of 8260 for target of 8700.
Long Term (Few months to Year): As the markets have started moving up, accumulate value stocks for long term investments.
Bank Nifty: RBI policy on 2nd June may
not allow Bank Nifty to move anywhere till then. We can see a range
bound activity lower level being at 18100 and higher bar at 18600.
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Last week AUROPHARMA and COLPAL closed for Profit, stop-loss triggered in HINDZINC Total Profit of Rs. 11362.50/-.
BANKBARODA (Sell): Sell BANKBARODA near 155.40 for a target of 148. Maintain stop loss at 162
ENGNERSIN (Buy): Buy ENGINERSIN near 201.35 for a target of 206. Maintain stop loss at 196
LUPIN (BUY): Buy LUPIN near 1735 for target of 1780. Maintain stop loss at 1700
Above prices are spot prices and profit/loss calculated with 1 Futures lot
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