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Rajesh V: Nifty has a bearish outlook, buy HDFC Bank and Hindalco

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Nifty's outlook: There is bearish signal
HDFC Bank: Quotes, News
BSE 1407.05BSE Quote4.85 (-0.34%)
NSE 1408.70NSE Quote3.7 (-0.26%)
Nifty Future (Refer Chart: - Nifty)
 

Nifty's short term and long term scene looks bearish. But if Nifty manages to maintain above 4870 then it should be taken as a sign for bull in intraday.

On the downside Nifty futures should find its intraday major support at 4832.

Bank Nifty Future: (Refer Chart - Bank Nifty)

Bank Nifty closed a little positive after the huge fall over the past past few days. It should maintain above the level of 9395 than only will it be able to reach 9485 & 9575 on intraday. The downside support for this will be at 9300 & 9285.

Intra-day calls

HDFC Bank

Buy at Rs 460 level

Stop loss at Rs l,455

Target Rs 466

Hindalco

Buy above Rs 141.50

Stop loss at Rs 140

Target for the stock is Rs 144

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. You can contact him at rajeshvravanappan (at) gmail (dot) com

If you would also like to contribute or send us a feedback, then e-mail to money (at) oneindia (dot) co (dot) in

GoodReturns.in DISCLAIMER: The views expressed in this article are the views of the author and do not reflect the views of our company. GoodReturns.in does not take any responsibility for any losses incurred by investors who take their cues from the above article.

Story first published: Monday, August 22, 2011, 9:19 [IST]
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