Newsletter dated 4th May,2009
NIFTY
The immediate intermediate trend of Nifty is looking robust. Even as the global markets fell on the back of Swine Flu news, Nifty didn’t fell to the extent. In fact, it made a smart rally last day to close above its 9DMA and 200DMA. This is a very good sign for the bulls. This recovery has opened gates for Nifty to make a new recent high. It would break its previous high if 3517. Probably next target could be 3580 and 3620. On the lower side Nifty would find multiple supports at 3400, 3380 and 3350 which are very unlikely to be tested in near term.
The global markets were rallying again while our markets were closed. Even the global markets are looking very healthy technically. Dow Jones would catch major uptrend above 9500. Even Brazilian BOVESPA,
Today Nifty is likely to open huge gap up by at least 130-140 points. This would create a new recent high for Nifty.
RELIANCE
Reliance Industries has shown solid strength in past few trading sessions. It is trading well above its 9 and 200dma which is positive for the stock. Today it might make a new recent high crossing 1840 with ease. It would take support at 1808, 1796 and 1784. These levels are unlikely to be tested in near term.
BHARTI AIRTEL
It is looking best of the lot. It was facing consistent resistance near 758-760 levels. Today it would break above it and might test levels of 784, 792 or even 808. It is trading well above its 9 and 200DMA which is very comforting. We expect this stock to break its trading range. The next range could be 750-820.
SBI
This stock had been volatile in last few trading sessions. It was one of the few stock which was trading comparatively weak as compared to other heavy weights. But ever since it crosses and sustained above 1260 it gave a buy signal. It would give further strength if the stock moves above 1330. It closed just above its 9DMA and trading well above its 200DMA. Next target could be 1342 and 1355 which could be tested today itself.
OTHER STOCKS LOOKING BULLISH...
Tata Steel, Cairn India. Also check out Bank of India. It could be a possible dark horse
Note: The above mentioned strategy is just an indication. Do your own homework before initiating any trades based on above information. The online calls are given to our paid clients only via messenger and sms.
Anurag Dujari
Mobile: 92308-92309
E-Mail- anurag130@gmail.com
Yahoo Messenger ID - trading_picks
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