Monday, November 18, 2013

#191 Nifty Update: Nifty-Leela is a BlockBuster

Weekend leela fever continues, whether its Ram-leela or Nifty leela, both had are Blockbuster for the people. On last thursday as i mentioned we had a morning star pattern formation and we had left with confirmation and today we got that with a booster. Global markets had performed good over the weekend plus RBI said that no hike rate in near term which has given a gap up opening on Nifty. New banking licenses are gonna be formulated by this Jan as said by finance ministry. for the same reason banking had seen some positive sentiment booster today on Index. Nifty has comfortably closed above all the short term moving averages. Today some of the scripts have seen huge volumes above the daily average. We are still expecting some upside on technical basis and Reliance(CMP:875) could be the outperforming stock as it has not seen an rally over the period, so keep a watch on it. Tatasteel is still a good buy for long term but wait for a correction near to 395-410. Technically this rally on Nifty has resistance near to 6400-6500 range. So bull is expected to continue with Nifty leela and computing with Ram leela performance on WoW basis ;)

Our Strategy:Hold longs as we intimated above 6160 with sl of 6030 and tgts 6280/6360/6500

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