Nifty price and momentum reverse in tandem, bounce till 5,100-5,200 more likely, 4,820-4,850 remains immediate supports. Bank Nifty completes our targets and recovers smartly, expect pullback targets in the region of 9,750-10,000, 9,200 remains immediate support,``
The indices have closed at the upper end of the intraday range as the bulls were able to offer support at higher levels during the session. The intraday range specified for the Nifty between the 4850 / 4675 was overcome on the upside as the Nifty tested the 4934 levels, thereby exceeding our intraday counts on the upside. The coming session is likely to witness resistance at the 5000 levels on advances above which the secondary target would be 5050 levels. Support is likely at the 4850 levels. The bullish pivot for the session is likely at the 4895 levels above which the Nifty must stay throughout the session. The bearish pivot is at the 4850 levels below which declines may occur. Traders must watch these levels for signs of trend determination in the coming session.
The daily candle chart of the Nifty shows a large bodied bullish candle, indicating the 4720 being now made swing low below which longs cannot be held. The anticipated pullback rally did arrive as indicated yesterday, though the magnitude was above our expectations. The the rally was achieved on lower volumes (partly attributed to a gap up open) which must change if the upthrust is sustain. Staying above the 4895 level with higher volumes and open interest will see the bulls getting a chance to markets higher intraday. The Nifty sustaining below the 4850 levels may trigger a fresh bout of declines.
``BSE IT momentum picks up, expect a bounce till 55 DEMA around 5,500. DJIA prices breakout of a triangular consolidation, maintain targets at 11,800-12,000,`` he added.
``Gold medium term supports around USD 1,700 hold on, prices reverse and should retest high around 1,911.``
``ICICI Bank, SBI, Bank Nifty, RIL, L&T, Infosys, TCS, Renuka Sugar are looking positive for short term. However, BSE Healthcare (stop 6000 closing basis), Aurobindo Pharma (stop 131), ITC looks negative.
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