Nifty Tips
Nifty Trend :-
Last week market was down for last two days which was not expected and could not reach to nifty index 5940.
This week, overall in near future NIFTY index is likely to face resistance at 5900 . Therefore level 5900 is an extremely important for the continuation of current bullish momentum. Index will have to trade above this point in order to confirm the continuation of strong rally which has begun on back of GOVT policies. This level 5940 also coincides with 76.4% Fibonacci Retracement of the fall from 6336 to 4531 and history shows that 76.4% retracement level acts as a major turning point for the index. Market movement will be at both side in range of 5583 to 5900
Expected Range of Nifty for Week :
5612 - 5818. Nifty Resistance - 5790, 5818 Nifty Support - 5681, 5612, 5583.
Our Expert Views:
1) Technical trend is up. Nifty is positive because it has crossed level of 5680
2) GAAR Final report and FDI report with changes will be released by Govt any time. Hence, Market may be volatile and up.
3) Winter session of parliament begins from 22nd November and govt. will pass Company bill, Pension bill and Banking law amendment.
4) RBI has guided for interest rate cut in January 2013. It is positive for interest sensitive sectors like Banking, Auto, Infrastructure, Realty and Capital Goods.
Suggest to buy low valued stocks of BSE/NSE Market will be up from 8th November. Good stocks are L & T, Tata Motors, Tata Global, Tata Steel, Reliance and Union Bank.
PS: The information/views mentioned are believed to be reliable and best of our knowledge/information but no liability is accepted for any errors.
Share Recommendations and Stock Calls for Today 12 Nov :-
1. We have given a BUY on Bharti Airtel at 274, it made high of 283.55, book partial profit and keep stop loss cost to cost for rest.
2. Buy Bata Fut 854 SL 846 TGT 879-883.
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