In the outset we wish our traders worldwide Eid Mubarak and do remember to visit the link to get to know a lot about Eid and its significance. All trading markets in India are observing 20 Aug 12 as a trading holiday to celebrate the much awaited festival of Eid. The daily trend of nifty is in Up trend and thus one can go on buying binge as and when Nifty crosses above the level of 5402 with volumes. However if it fails to sustain above the level of 5402, than we may see Nifty falling to the levels of 5300. Why we see profit booking below 5400 level is because index is in the overbought zone on the daily charts. Breaking of Nifty 5350 level is a first signal that Nifty will take support at 5300.
However in the same breath; we are positive on market above 5402 level because Nifty has closed highest in the last 89 days of trading and momentum looks good in the market provided the level of 5400 is held on closing basis. We will be seeing stock specific action during the balance of the month and thus it makes sense to trade with sure stock of the day and make profit every day like seasoned traders who make a living from trading. The last closing saw market breadth being negative with 1,498 losers and 1,344 gainers on the BSE.
Support and Resistances for the Day
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Strong future shares at National stock exchange
MC Dowell, Tech Mahindra, Balrampur Ch, Apollo Tyre, MTNL, MRPL, Tata MTR DVR, Finan Tech, OFSS & M&M.
Weak future stocks at NSE
S Kumars, BEML, GMR Infra, Bharti Artl, Ibrealest, Jain Irrigation, Union Bank, Orchid Chem, Patel Eng & Bank Of India.
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