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BULLS STRUGGLE TO SURVIVE

Nifty  gave a close in green at 5238 with mild gains of 12 odd points on the cards.In the opening session nifty drifted in red with the bears maintaining a hold .Markets were closely following the news from ECB,which lead to rise in nifty in the latter part of session.Nifty reached day high levels but could not sustain and soon shed majority of it following closing.Volatility rose as markets approached higher levels,this indicates worry,while maintaining  the levels is seeming difficult these days.Lack of momentum and skepticism will lead us sideways.
                                                                                               Today's gains could be taken as short coverings and is not indicative of fresh buying..Markets are around the 200 DMA ,but still trading below the 20 & 40  DMA levels..The Stochastic oscillator is grounded in the oversold region.Day by day uncertainty is rising amongst participants the ADX indicator is a good evidence of it, hence in such case avoiding trading in Nifty will be apt,traders could go for sector specific stocks.Some mid-cap stocks are showing good move these days so indulging in such stocks could yield some money.


  POSITIONAL CALL:- BUY INFY WITH TGT OF 2477, SL- 2380

Comments

  1. Priyanka7 September 2012 at 16:18

    Good call for Infy.Next tgt seems to be 2567, if market stays positive which is expected. It may also face some resistance at 2520.

    ReplyDelete
  2. H.U.M7 September 2012 at 21:45

    I Thank you for commenting on my blog,also i would like to tell you that today markets witnessed a gap up opening,a rising window pattern is formed in nearly major stocks.
    Going further with INFY,after forming a rising window the expectations heightens and the next target for INFY comes around 2550-60,also 61.8% level of Fibonacci extension comes at this level.Watch it closely

    ReplyDelete

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