June 4,2008
-----------
NIFTY OUTLOOK - TECHNICAL ANALYSIS
__________________________________
S&P NSE NIFTY Closes at 4585.60. BSE SENSEX Closes at 15,514.79.
Alas NIFTY breaches 4600 support level. January low stay as the only support level left. Market is in a panic mode. Fear of inflation and bearish chart patterns helped the market to plunge steeply.
We reiterate our previous view. NIFTY is likely to test 5060 levels in medium term. So, a systematic investment plan from this level would yield good returns for positional traders. Buy in all dips. Sell them all at 5060.
Liberalization of ECB norms and Bond market upside revision of limits likely to have a positive impact for Indian markets in medium to long term. This is a fundamental perspective. How far will it have an impact in the present scenario is still a secret.
These measures would improve the Forex inflows, which would help rupee to appreciate, naturally encouraging FIIs to put their money in Indian markets. However, it would affect exporters and IT sector in medium to long term. This is a short sighted measure to improve economy and control inflation.
Resistance levels stay near 4787, 4982 and 5210.
NIFTY is sure to test 6260 and 6345 levels in 6 to 12 months period. So, there is no need to panic. Advise to Long term investors - Patience should be maintained at least until 6250 is tested.
Note: These views do not have any relevance to NIFTY futures.
Stocks to Watch
---------------
RELIANCE, Infosys and TCS have confirmed targets in their chart patterns.
Medium to Long term technical target
INFOSYS - Rs.2290
TCS - Rs.1160
RELIANCE - Rs.2800 to Rs.3000 level
1 comment:
Dear Visitors, This blog is really nice and informative. We are pleased to know this blog is really helping people. Its our pleasure to post informative content on this useful blog created by webmaster. Currently something is cooking in the Indian stock market, We know it but unfortunately we cant disclose the reason so openly. We strongly suggest everyone not to take any long position at these levels. We will see Pullback in the market very soon but that will be a fake one so don’t consider pullback as opportunity to go Long in market( Delivery based). As after that initial pullback we can see fall once again. As mentioned cant disclose it still giving minor hint see call and put section and think why you are not able to access few options and check December part and think who are the people behind it?? We suggest wait for falls to take delivery till then prefer only intraday else you will find yourself out of BSE and NSE one fine day. For any query feel free to contact us. Regards SHARETIPSINFO TEAM +91- 9891655316 +91- 9899056796 +91 - 9891890425
Post a Comment