Nifty View 18/01 to 22/01
Low volume, very low F&O turnover, small trading range with stock specific move are the highlights of last week trade. Index missed to use two golden opportunities to get past 5300, which indicates the indecisiveness going forward.
This made us to believe, still big shots are in holiday mood. Infosys once again lead from the front with it's quarterly numbers and TCS which gives hope for IT sec scripts in future. This week the limelight is on the big boy Reliance, with it's result on Friday evening. The stock is almost near for a break out, can be concluded on a strong trade above 1134, which in turn may pull the index to new high's.
But Nifty move gave us an indication that , it's slightly on heat and a correction is very necessary at this point. FII's were net sellers and unless the trading range is broken, Index traders will not get a chance to make some money.
I had mentioned about this on my Jan 1st article, about the stock specific move with commodities for a safer bet. The situation proves to be right on my earlier view and this week also after one or two days of good move market may remain silent only. So traders may trade for the premium reduced.
As far as Nifty is concerned just go for the following levels,
This made us to believe, still big shots are in holiday mood. Infosys once again lead from the front with it's quarterly numbers and TCS which gives hope for IT sec scripts in future. This week the limelight is on the big boy Reliance, with it's result on Friday evening. The stock is almost near for a break out, can be concluded on a strong trade above 1134, which in turn may pull the index to new high's.
But Nifty move gave us an indication that , it's slightly on heat and a correction is very necessary at this point. FII's were net sellers and unless the trading range is broken, Index traders will not get a chance to make some money.
I had mentioned about this on my Jan 1st article, about the stock specific move with commodities for a safer bet. The situation proves to be right on my earlier view and this week also after one or two days of good move market may remain silent only. So traders may trade for the premium reduced.
As far as Nifty is concerned just go for the following levels,
Long Breakout level : 5310 for target 5374 - 5440.
Short Breakout level : 5180 for target 5133 - 5085.
Short Breakout level : 5180 for target 5133 - 5085.
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