Wednesday, May 18, 2016

Nifty Analysis for 18 May

Nifty Analysis for 18 May

Yesterday’s Invereted Hammer on daily chart is suggesting negative sentiments for the time being. For the day Nifty may trade with bearish bias.

A gap down as suggested by SGX Nifty near 7860 may see some short covering.  As a result, Nifty can move up to its first resistance near 7890 to move down from there.

Alternatively Nifty can break below 7855 level immediately after opening to see further downside of around 30 points to its next support at 7830.

Next support is near 7815.


Nifty 15 min Chart

 


Swing/positional trades for the day:
Buy BPCL for target of 964. Stoploss is 930
Sell Glenmark for target of 846. Stoploss is 878
Buy IGL for target of 605. Stoploss is 579


Recent gainers recommended by us
SKS Micro Finance up 18% from buying price
Berger Paint up23% from buying price
M&M Financial Services up 32% from buying price (Booked)

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