Saturday, September 22, 2012
Nifty Tips for Monday
on Friday Nifty recovered and closed with solid ground after minor shock earlier in the week. The rally which continued on Friday pushed Nifty to prior high of 5630 shows positive sentiments of the market. Indian Government holding strong on economic policies also brings confidence in investors. The breakout seen above 5,631 has shown signs of bullish trend of higher side. The short term trend is on bullish side and index on course to hit immediate target of 5,750-5,800. Experts believes that traders may shift focus to sectors such as banking, infra and real estate due to shift in the preference in high beta sectors.
To build long positions in companies such as SBI, L&T, Reliance, Infra, ICICI Bank minor corrections may be used. CNX Bank Index index also showed bullish trend and trigger level of 10,950. Experts believes that CNX Bank index is to hit next target of 11,900. From trading perspective public sector bank appear to be more reliable and promising. If index falls below the support at 10,300 it may be threat to bullish view.
L&T – This stock has already hit the target of 1,450. The present price scenario indicates that uptrend would continue and likely to hit next target 2,850 likely. Traders can buy it with stop loss of 1485 with initial target of 1850 and a breakout of past 1850 may trigger rally to next resistance of 1930.