Wednesday, April 20, 2016

Nifty Analysis for 20 April

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Nifty Analysis for 20 April

We can see a gap up opening on account of SGX Nifty trading higher than Nifty spot. This diference in price is on account of makrets holiday yesterday.

Word of caution. Nifty gap up can be sold into today.

A classing hanging man near resistance, overbought chart can bring bulls in pressure. 7972 remains critical resistance.
No chance to go long at this stage.

However don’t forget that major trend is up. If markets moves down, it could just be a correction in ongoing up-trend.

A contra case- If, in an un-anticiptaed move Nifty gaps up beyond 7972 and sustains there- longs can be thought of.


Nifty Daily Chart




Our earlier recommendation M&M Financial Services bought on 17 March at 231, yesterday broke out, now trading at 278, up 20% from recommended price.

Hope you are watching Maithan Alloys, I had recommended buy near 141 on 13 Apr. Stock is now trading near 164, movement of 16% in last 2 days..

Stock to watch for the day are:
TVSMOTORS, NATIONAL ALUMINIUM, IDEA and BPCL
all long trades.

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