Nifty closed the day at 5088.1 up by 71.1 points. Nifty February Future closed at 5082, discount of 6.1 points.
- FII bought in index futures, index options, stock futures and cash (Net buy 3940.4 Crore)
- US market ended in Green.
- Global cues are flat to Positive.
- SGX nifty is Positive as of now.
- Most Active March Nifty Call Option: 5000 and 5100.
- Most Active February Nifty Put Options: 4900 and 5000.
Nifty daily chart has formed “Three White Soldier” bullish candlestick pattern and given strong breakout to “Bullish Head and Shoulder Pattern” potential target for this pattern arrives at 5160-5225. On moving average front since last two days 5 days EMA has given positive cross over to 20 days EMA and 50 days EMA , technically which may invites some bit of profit booking after sudden surge in up move. Strong support placed at neckline which is at 4948 level. Over all technical scenario is bulish buy on dips strategy will work well.
Current Spot: 5088.10
RSI (7 days): 80.34
Supports: 5038 - 4987
Resistance: 5116 - 5144
Buy Nifty above 5085 - 5103 - 5127 - 5167 SL - 5062
Sell Nifty below 5057 - 5044 - 5003 - 4979 SL - 5068
Stock Ideas for the Day
Reliance Industries: Buy above 1027 for targets of 1037, 1051, 1077 SL of 1011
Reliance Industries: Sell below 1008 for targets of 1002, 976, 962 SL of 1016
Zeel: Buy above 281 for targets of 285, 291 SL of 275
Indus Indbank: Buy above 166 for targets of 170, 176 SL of 161
Tata Motors: Sell below 802 for targets of 796, 789 SL of 808
GujNreCoke: Buy above 81.5 for targets of 85 SL of 79.8 (One Week)
REC: Buy above 240 for targets of 252 SL 234 (One Week)
The key to making money in stocks is not to get scared out of them - Peter Lynch
Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.
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