NSE NIFTY (5,556.15)

The NIFTY opened the session on a flat note and the index gradually moved upwards as the session progressed. Smart gains amongst key index heavyweights like Reliance Ind, Tata steel, Cipla and Infosys propelled the NIFTY to an intraday high of 5570 levels. The NIFTY finally closed the session at the 5,556.15 levels with a smart gain of 24.10 points.

The NIFTY added on to the gains witnessed during the previous session of trade. We reiterate that, the 5450—5625 levels will be the broad trading range for the NIFTY, until it crosses the 5625 levels and registers a close above the same during the upcoming sessions.

The near term and short term moving average clusters placed between the 5500—5450 levels will act as good support for the NIFTY on the downside. The 5600—5625 levels would be the near term upside targets for the NIFTY, if it sustains above the 5500 levels.

We booked full profits on our BTST call given on SUN TV Ltd @ 315.50 levels. (Initiated @307 levels). The recommendation fetched a smart return of Rs 4250/- per lot to the subscribers of
our product BTST/STBT calls section.

We recommend subscribing to our product BTST/STBT Calls section to avail such profitable BTST/STBT calls.

NSE NIFTY (5,532.05)

The NIFTY opened the session on a bearish note but the index recovered its early morning losses as the session progressed. The NIFTY gave a smart recovery from its day’s low to register an intraday high of 5542.65 levels. The NIFTY finally closed the session at the 5532.05 levels with a gain of 15.30 points.

The NIFTY held on to it’s near term support levels of 5450 levels and gave a smart recovery from the above mentioned support level to close at the 5532 levels. Sustenance above the 5450—5480 zones will see the NIFTY gradually rally to once again test its key resistance zones of 5600—5625 levels on the upside.

Upsides towards the 5700—5750 levels can be seen only if the NIFTY registers a close above its key resistance zone mentioned above. Conversely, the 5600—5400 levels will be the broad trading range for the NIFTY, if it fails to cross the above mentioned supply zones.

We booked part profits on our long call given on UFLEX Ltd @ 210.80 levels. (Initiated @203.50 levels). The recommendation has already fetched a smart return of 3.60% to the subscribers of our product Trading calls section. We continue to hold our long positions for targets of Rs 215 levels.

We recommend subscribing to our product Trading Calls section to avail such profitable Equity Trading calls.

NSE NIFTY (5,516.75)

The NIFTY opened the session on a positive note and traded with smart gains for the initial hours of the day’s trade. The NIFTY hit an intraday high of 5605 levels. But the NIFTY couldn’t sustain at higher levels as the session progressed and selling pressure at higher levels dragged the NIFTY to an intraday low of 5507 levels. The NIFTY lost close to 98 points from its day’s high. The index finally closed the session at the 5,516.75 levels with a loss of 33.60 points.
The NIFTY closed the last trading session of the week on a negative note. The key observation to be made is that after the formation of the bullish hammer candlestick pattern during the previous week, the NIFTY has managed to close above the lower boundary of the rising channel as shown in the adjoining (Chart II).

The correction witnessed over the past two trading session could halt and take support between the 5450—5500 levels. On the upside we expect the levels of 5575--5625 levels to act as stiff resistance.

However in case the NIFTY fails to take support at the 5450 levels and starts to trade below 5435 – 5415 levels, we would recommend a negative bias once again with possible targets of 5300 – 5250 levels.

We booked part profits on our long call given on L&T Ltd @ 1704 levels. (Initiated @1654 levels). The recommendation
has already fetched a smart gain of `6250/- per lot to the subscribers of our product Trading calls section. We continue to hold our long positions for targets of `1740levels.
 
We recommend subscribing to our product Trading Calls section to avail such profitable Equity Trading calls.