Nifty: Long Term View: Nifty continues to trade inside a range and as time goes by, the upper range is coming closer. Support now comes around 10550 while resistance continues to be around 11000. Thus the range has moved up from the lower levels. The slow side ways move of the nifty is a correction in an ongoing primary bull market.

Short Term View: Nifty traded very choppy and narrow today. The index closed near the Thursdays closing price. Prices are trading near the resistance level and another attempt to break above the resistance zone inside 10750-10770 did not sustain in the last trading session and eventually price. A follow through on Monday may confirm this breakout. A move below 10700 may lead a decline towards the lower end of trading range at 10550. We should wait for a decisive breakout to initiate long position.

Nifty has seen a sharp intraday upside move after a gap down and closed near Thursdays closing price. Traders should consider trading according to the early morning momentum.

Daily intraday calls

Stock of the Day: (Technical Pick)

COMPANY NAME

CMP B/S

RATIONALE

MCDOWELL

3363.90

BUY

The trend of the script is bullish. On the intraday chart ,there is a positive cross-over of the moving averages and a trend line breakout therefore, it can be bought at CMP with a stop-loss of 3340 and target of 3395.

 

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