Bulls on the offensive
NSE volumes: 10-day moving avg. (Rs bn)
Intraday Nifty Tips:
The Nifty moved up firmly today, especially after mid session. It is clearly indicating that the bulls have regained the initiative and are driving the agenda of the market. The move is very much in line with the view that we have been holding for the last 3 weeks.
The Nifty moved up firmly today, especially after mid session. It is clearly indicating that the bulls have regained the initiative and are driving the agenda of the market. The move is very much in line with the view that we have been holding for the last 3 weeks.
Technically, the short term indicators have turned up again assuring more positive movements. The medium term indicators had remained unaffected by the Nifty fluctuations. These indicators have now strengthened further suggesting that this up move is sustainable.
The technical structure of the trend is suggesting a potential target of 5475. This potential remains undiminished as of now.
Going by the technical features of the trend, we expect this target to be reached. The Midcap index has lagged the large cap index today but retains its bullish trend. It continues to close above its medium term average and retains a positive short/medium term momentum.
There is no reason yet to review our bullish call on the market.
Sure Shot Nifty Tips:
Nifty
Support 5125 5100 5050
Resistance 5225 5275 5300
Sure Shot BSE Tips:
BSE Sensex
Support 17100 17000 16700
Resistance 17500 17750 18000
Sure Shot NSE Tips:
NSE 200
Support 7700 7500 7225
Resistance 8000 8150 8350
Short Term Bias
Positive
Medium Term Bias
Neutral / Positive
Categories:
Intraday Tips BSE
