Market outlook for the week 29-31December

In earlier week we once again proved our accuracy, and made you all earn handsome profits, even in volatile markets. Our major support-resistance levels of 4930 & 5208, worked well and proved their importance. We clearly wrote in our market view, that failing to breach 4930 support level, Nifty fut will make a new high, and you all must have watched Nifty fut making a low of 4937 and blasting up to make a new 19 month high of 5209. See our market view for earlier week, CLICK HERE.

For the week starting from 29December, Nifty fut will face resistance at 5210 level, this level will be the first hurdle for bulls on upside and in order to retain their gains bulls have to decisively cross and sustain above this level. Once they manages to sustain above this level,we can see higher levels of 5226-5265-5315 in markets. If in coming year, we see markets sustaining above the level of 5315 and giving consecutive close above this level, then we can expect a sharp upside of 80-175pts once again. However, if bulls fail to sustain above the resistance level of 5210, then bears will try hard to take the charge over bulls and slide down the markets. On lower side Nifty fut have support at 5135, if this level is breached then we can see 5070-5044-5005 levels in markets in short time. Any close below 5000 level, will be energy booster for bears and that can make markets to slide down further to the crucial support of 4930 level.

We recommend all traders to keep a watch on the range 5135-5315, crossover of this range on closing basis will decide the further trend of markets. All members are requesed to trade with cautiousness and hedge their portfolio properly, as the markets will show ambiguous moves with high volatility amid of F&O expiry this week. Till 5135 level is not breached, one must use the strategy of buy on dips & sell on rise. If 5130 level, is not breached we might see a new high this week. Trading blindly or emotionally might end up in losses.

Nifty Weekly Levels

• Resistance - 5210-5226-5265-5315-5445
• Support - 5135-5070-5044-5005-4930

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Stocks for the week

• JSW Holding
• Nilkamal Ltd
• Carol Info Services
• NRB Bearing
• Subex Ltd
• Thinksoft Global
• Nexxoft Infotel
• S E Investments

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Intraday Calls 28December

• Dredging Corp abv 530 tgt-536-543-558
• Umang Dairies abv 29 tgt-29.6-30.8-32.65+
• Great offshore abv 570 tgt-576-583-598+
• Reliance Ind abv 1080 tgt-1092-1105-1124
• Also watch RCom, REI Agro, Cox & Kings, Supreme Industries.

For all trades,keep trailing your stoploss once the stock is above the buying price. Dont take delivery of any intraday call. Avoid spike buying.

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