The positive move in Nifty is a welcome move and market will be out of the woods, once Nifty is able to cross above the mark of 5365 with conviction. It is important to keep watch of 200 day moving average (200 DMA) and 50 DMA as these generally occurs as a support for stocks and Indices. These supports provide the necessary bounce for the stocks and indices to move in the positive territory. The same has happened in our case where Nifty has bounced above the level of 200 DMA which happens to be near 5147. This is a positive sign as Nifty has crossed above short term and medium term moving averages and further analysis of tech charts suggests that select momentum oscillators are now showing positive divergence.
No doubt we are going to see a short term up move which is going to encounter resistance near 5353-5385 mark and crossing of these levels with volume means that bulls will wrest control for bears in shorter time frame. Thus ideal time is to make use of the hot stock of the day and make money by trading accurately by trading in minimum number of shares. The broader markets outperformed the benchmark indices. It is pertinent to note that overall market breadth was positive as 1,934 stocks advanced against 850 declining ones, on the BSE.
Support and Resistances for the Day
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Strong future shares at National stock exchange
IVRCL Infra, VIP Ind, Yes Bank, Mcleodrussel, Century Text, PTC, Bombay Dyeing, Jubilant Food, Dish TV & Godrej Industries.
Weak future stocks at NSE
HDIL, SRE Infra, Renuka, Welcorp, Finan Tech, OnMobile, Hindalco, Suzlon, Rcom & Orient Bank.
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