Nifty View 26 June 2013

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Nifty : - 5609

After flat opening Nifty has witnessed volatility in later half of the day and finally ended with “Long Legged Doji” an uncertain candlestick pattern on daily chart. Daily as well as intraday momentum indicators are also generating mixed signal on chart. Important to note here is that since October 2008 Nifty has maintained its support on monthly chart with strong pullback from every support level. Currently that support placed at 5550 level. Nifty intraday support placed at 5596 – 5580 – 5565 levels and resistance placed at 5623 – 5641 – 5660 levels.  


BUY   REC   FUTURE  (190.65)
After flat opening stock has witnessed buying with relatively good volume and finally ended with “Bullish Engulf” a bullish candlestick pattern on daily chart. Daily as well as intraday momentum indicators are also generating bullish signal on chart.

Buy above   Rs.191.50   Stop Loss   Rs.188.50   Target   Rs.196.50

SELL  LUPIN  FUTURE  (775)
After flat opening stock has witnessed selling pressure and finally ended with “Bearish Engulf” a bearish candlestick pattern on daily chart. 14 days RSI has also given negative crossover to signal line and settled below equilibrium point.

Sell below   Rs.771       Stop Loss   Rs.781                               Target   Rs.753

All position after 9.20am



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