For the week starting from 7December, Nifty fut will face major resistance at 5190 level. We have mentioned the importance of this level last week also, and you all must have watched the significant role played by this level in the market action last week. This week once again this level will be in lead role, and if Nifty fut manages to cross and sustain above this level then we can see higher levels of 5226-5260-5315 in coming days. Bulls have to work hard to retain their gains above 5190 level, and must close consecutively above this level in order to go higher on upside and take complete charge over bears. Failing to do so, bears will gain strength will attack decisively to come back in markets. If bears anyhow manage and hold bulls below 5190 level, thenwe can see bull loosing strength. On lower side Nifty fut have support at 5070 level, and break below this level will make the scene for some profit booking action and we might see markets falling down to 5044-5002-4955. Any close below 4955, can create some panic in markets and then more lowers level till 4880-4770 can be seen.
We recommend all traders to keep a watch on 5044-5190, breakout of this range on either side will show a shar movement in markets. Looking at the current scenario, bulls will be having an upper hand till the market aretrading above the level of 4900, so till this level is not breaked, the bst strategy will be to buy on dips and sell on rise. Crossover and close above 5190 level, will show onsided move for upside. All traders must keep booking profits time to time and must not leverage positions without respecting the crucil levels of nifty fut.
Nifty Weekly Levels
Resistance - 5180-5226-5260-5315
Support - 5070-5002-4955-4900
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Stocks for the week
- KS Oil
- Essar Oil
- Insilco Ltd
- NELCO
- Bindal Agro
- Ankur Drugs
- KGN Ind
- Photoquip Ltd*
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Intraday Calls
- Jindal Steel abv 725 tgt-730-734-742+
- Astec Lifescience abv 87 tgt-89-92-96
- PVR abv 185 tgt-188-192-199
- Sundaram Finance abv 365 tgt-372-380-392+
- Also watch Sesa Goa, TV 18, GTN textiles, India Infoline.
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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