Even nifty has shown some sign of weakness on Friday trading, it managed to close above 5620, and it took support exactly at our level of 5616.
The crucial test for the bulls will be at 5650 and 5678. If it manages to trade above 5650, then it be the confirmation of bulls". Today, Nifty will have support at 5612 levels; if it closes above 5651 then it will add more strength to Nifty.
Bank Nifty (Refer Chart - Bank Nifty)
Bank Nifty has shown positive sign with a further move. It could break above 13325 and go reach the the 13400 – 13440 levels.
Bank Nifty will find support at 12210. Keep your stop loss at the level for your long position.
Delivery pick (Refer Chart - 3i Infotech)
Buy 3i Infotech July futures. During the last 10 trading sessions the stock has been range bound. It has moved between Rs 46.50 and Rs 39.80. On Friday it was tested at Rs 46.50 with positive MACD. If it manages to close above Rs 47.20, then the stock will go all the way to Rs 50.
3i Infotech July future
Buy Rs 46
Stop loss at Rs 43.90
Target price of Rs 50
Buy above Rs 399
Stop loss at Rs 394.70
Target price of Rs 404.40 / 407.75
Buy at Rs 1305 levels
Stop loss at Rs 1292.50
Target price of Rs 1318 / 1324 / 1336
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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