CALL FOR THURSDAY 22-MAY-2014
"Buy IBrealest Future Above 92 Tgt 93.90/94.90 Sl 90.50"
Today very
much consolidation was witnessed by nifty. Nifty started at the level of 7265 made a high of
7316 and low of 7235 and closed at 7280.today nifty moved 81 points throughout
the day. If you watch the
movement of the Nifty and its intraday gyrations, you would surely feel that
while the optimism surrounding the new unfettered government it is still
running high yet there is unmistakable skepticism regarding the index holding
itself at such high levels without going through substantial consolidation. This
is what troubles the bears and applying the brakes on the bulls. From a time
and price perspective, we develop a feeling that the price movement had been so
sharp for a few days, time is now playing a catch up game-even if the market
does not breakdown, and it is unlikely to move up in a big way either. Range
bound price swings to continue.for tomorrow the level of 7300-7330 are expected at the other side 7270 proved as very good supporting level.
The pattern on the end
of day for bank nifty is quite similar to the Nifty hence it hardly deserves
any fresh elaboration. Bank nifty started with 15244 made a high of 15244 and
low of 14931 and closed at the level of 15036.bak nifty played total 313 points
throughout the day. All we suggest to you is to watch the index consolidates in
the short run. When you are reasonably certain about the range within which
prices are likely to oscillate. Our take is still moderately negative since we
have yet not seen any worthwhile consolidation that would allow the second leg
of the Bull Run.
Either on the
long side or on the short side if at any movement a counter is not moving beyond
an initial or interim target to the final target book profits. Once initial
target is crossed, you can use that as your trailing stop-loss level.
RESISTANCE:
7300, 7330, 7360
SUPPORT: 7270, 7240, 7210
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