Yesterday Nifty touched 5666. That was our weekly target, which was given on Tuesday (June 28, 2011). The level of 5620 has given strong support on intraday. We have seen short cover taking place towards closing session.
Today"s view (Refer Chart - Nifty)
The Nifty has its supports at 5635 / 5616. The resistance level will be at 5672 / 5700 / 5722. Meanwhile, SGX nifty is trading at 45+, so we can expect the continuation of current rally. Therefore, it would be advisable to move your stop loss to 5620 for all its long positions.
Bank Nifty (Refer Chart - Bank Nifty)
Since it is trading above 11300, chances of Bank Nifty moving to 11370 / 11420 are higher. Its support levels are likely to be around11220 / 11170.
For this reason move your stop loss to 11200 for all long positions.
Buy at Rs 160 levels
Stop loss at Rs 158
Target price of Rs 162.60 / 165.80
Mahindra & Mahindra
Buy above Rs 698 levels
Stop loss at Rs 690
Target price of Rs 710 / 715
Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in the share broking industry. He is a contributing writer for www.goodreturns.in
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