TRADING STRATEGY FOR 7TH MAY 2014
The market after flat opening yesterday surged to day’s high in morning trades but continued to drift lower as the session progressed on profit taking and finally closed with the Sensex at 22508, up by 63 points after making a high of 22602 while the nifty ended at 6715 gaining 16 points. Weak economic data and caution ahead of election results trimmed gains. However, consumer durable and oil and gas stocks among others remained firm. The market breadth remained flat as 1416 stocks advanced while 1407 declined. Readers are advised to trade with caution keeping stock specific approach.
NIFTY FUTURE (Last close 6746.70)
The counter after flat opening yesterday surged higher in morning trades which however, remained short lived and the counter drifted lower as the session progressed on profit taking. The counter finally closed flat with marginal gain of 11 points. The counter may retain its up move and move up to 6771/6785 on positive opening. Strong support for the counter exists at 6725.25 which if breached decisively with volumes then it may slide to 6702/6681.
The counter after flat opening yesterday surged higher in morning trades which however, remained short lived and the counter drifted lower as the session progressed on profit taking. The counter finally closed flat with marginal gain of 11 points. The counter may retain its up move and move up to 6771/6785 on positive opening. Strong support for the counter exists at 6725.25 which if breached decisively with volumes then it may slide to 6702/6681.
BANK NIFTY FUTURE (Last close 13057.40)
The counter after positive opening yesterday moved range bound with positive bias amid moderate volatility throughout the session and finally closed the day gaining 83 points. The counter may move further up to 13109/13167 on positive opening. Strong support for the counter exists at 13008.25 which if breached decisively with volumes then it may slide to 12947/12909.
The counter after positive opening yesterday moved range bound with positive bias amid moderate volatility throughout the session and finally closed the day gaining 83 points. The counter may move further up to 13109/13167 on positive opening. Strong support for the counter exists at 13008.25 which if breached decisively with volumes then it may slide to 12947/12909.
IOC FUTURE (Last close 273.20)
The stock after consolidating during the past sessions closed yesterday above its weekly buy signal with moderate volatility gaining over ½%. The stock appears positive on charts and may move up to 275/278 on volume trading. Strong support for the stock exists at 270.25.
The stock after consolidating during the past sessions closed yesterday above its weekly buy signal with moderate volatility gaining over ½%. The stock appears positive on charts and may move up to 275/278 on volume trading. Strong support for the stock exists at 270.25.
MCLEOD FUTURE (Last close 273.85)
The stock after consolidating during the past sessions closed yesterday above its short term trend line with moderate volumes gaining over ½%. The stock appears positive on charts and may move up to276/278 on volume trading. Strong support for the stock exists at 271.00.
The stock after consolidating during the past sessions closed yesterday above its short term trend line with moderate volumes gaining over ½%. The stock appears positive on charts and may move up to276/278 on volume trading. Strong support for the stock exists at 271.00.
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