As we had predicted in our last post that Nifty is going to hit the levels of 5200 and same happened with precision. The study of Technical analysis charts for Nifty suggests a hanging man formation in Nifty and we are aware that such a chart pattern is bearish in nature as it has happened in a bullish trend.
Now 5211 is going to be a stiff resistance and one should be ready for profit booking. Make use of the bullish trend to trade with sure shot intraday calls and make money like professionals as trading with accurate information at the correct time is very important. One will get the first signal of market being weak; if it not able to sustain above the level of 5160 and if it breaks 5130-5100 than one should be ready to exit all longs.
The overall market breadth was positive as 1,782 stocks advanced against 1,104 declining ones, on the BSE. The intraday trend is in bullish mode and bulls will remain in control till the time the level of 5000 is not closed on the lower side on the closing basis.
Support and Resistances for the Day
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Strong future shares at National stock exchange
NCC, IVRCL Infra, Suzlon, Triveni, Rel Infra, Renuka, Ibrealest, Orbit Corp, GVKPIL & Bajaj Hind.
Weak future stocks at NSE
Dabur, Biocon, Video Ind, Hero Motors, Gail, ABG Shiping, BEL, Ranbaxy, ITC & IGL.
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