Rajesh V: Technically Nifty is weakening. Buy SBI and HDIL for intraday

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Rajesh V: Technically Nifty is weakening
Nifty Future  (Refer Chart - Nifty)

Technically Nifty is weakening. Only if it closes above 5600 can we see a bull strength in market. if Nifty breaks yesterday's high then it may gather the momentum required to go till 5680 levels.

But trading within 5580 levels indicates bearish sentiment. The bears will definitely have an upper hand in the market, below 5560 nifty future may test 5500 levels.

Bank Nifty Future (Refer Chart - Bank Nifty)

Yesterday's Bank Nifty has maintained a price range between 11200 and 11300. It even formed Doji in end-of-day chart. Breaking out of either side will lead to fresh rally. We can expect a minimum 100 points to change.

On close base Bank Nifty will be strong only it closes above the level of 11270.

Intra day calls

Buy above Rs 164.25
Stop loss at Rs 162.30
Target price of Rs 168.30

Buy above Rs 2,484
Stop loss at Rs 2,463.50
Target price of Rs 2,515

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.www.goodreturns.in

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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.

Story first published: Tuesday, July 19, 2011, 9:01 [IST]
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