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Tuesday, January 27, 2009
Market view for the week 26-30January
Our commodity calls of Buy GOLD & Crude rockinggggg. Both going up n up n minting huge money for all of you.
As told last week Nifty holded the support level of 2640 for whole of the week,and breaked that on Friday,but haven sustained below that. This week Nifty future is having supports at 2620-2590,if these support levels are not breached then we can see a huge short covering coming in the market,that can make market inch higher. High volatility cannot be ruled out as the week is of F&O expiry. Currently we are in oversold zone,so any short covering in the expiry week will lead to a false upside in the market,better to book profits there and not to leverage positions at that point of time.
However if 2590 support level is breached and sustained then we can see nifty going down till 2565-2545-2490. On the contrary,if nifty holds these support levels and crosses 2675 levels with good volumes,then we can see upside till 2745-2790-2822 levels. This week Nifty range will be 2590-2675,breakout on either side will lead to sharp movement. Stay cautious and dont overtrade.
Nifty levels-
Resistance-2675-2715-2745-2790-2822
Support-2620-2590-2525-2490-2430
Stocks of the week-
Neyveli Lignite
BPCL
Cipla
Akruti
*Note- Keep booking profits in all stocks at every rise,and keep trailing stoploss while waiting for higher levels.
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