Nifty has once again closed with positive sign. This would be a good time to get into a long position with stop loss 5556.
The benchmark index, Nifty, has its immediate support at 5608. Trading above 5640 is an indication of bulls strength. Current resistance levels are at 5660 / 5690.
Reiterating our earlier statement, even if today Nifty manages to close above 5620 then we can expect an extended rally till 5710-5770.
Bank Nifty (Refer chart- Bank Nifty July)
Bank Nifty is trading above 11,240 this will increase all the way to 11,310 / 11,360. Keep your stop loss at 11,100 levels in case of positional long.
Technical views do no show any strong indication for bears, today is June expiry so we can expect huge short cover around the closing session.
Stock to watch
Wipro (Refer chart - WIPRO)
If the stock manages to close itself above Rs 423.50 we can expect it to move to the levels of Rs 435 & Rs 447 in 2-3 days. So one can buy Wipro at Rs 423.50 with stop loss placed at Rs 418 and target price of Rs 435 and Rs 447.
Buy at Rs 132.50 levels
Stop loss at Rs 131
Target price of Rs 133.80 / 135.20
Buy above Rs 1094 levels
Stop loss at Rs 1083
Target price of Rs 1108
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.
OneIndia Money DISCLAIMER: The views expressed in this article are the views of the author and do not reflect the views of our company. OneIndia Money does not take any responsibility for any losses incurred by investors who take their cues from the above article.