Nifty: Nifty continued moving higher and now trading near the resistance level. An attempt to break above the resistance zone inside 10750-10770 did not sustain in the last trading session and eventually prices closed inside this zone. A follow through on tomorrow may confirm this breakout. Any weakness in the first hour of trading may lead a decline towards the lower end of trading range at 10550. All the sectoral indices ended in positive territory with a gain of 0.5-1.5 percent gain.

View:
Nifty has seen a sharp intraday upside move today and closed higher. The index is now at the verge of breakout from a trading range. Traders should consider buying on any breakouts and sell on rally and try to be stock specific.

Daily intraday calls

Stock of the Day:

COMPANY NAME

CMP B/S

RATIONALE

TATA ELXSI

1224

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 1210 and target of 1240.

 

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