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Nifty (6840.80, +25.45, +0.37%)

Being the first day of the new series for derivatives and positive global cues giving a boost to the market here, we might well see a minor gap up opening today. The most critical zone now would be the range between 6845 and 6857. Once the Nifty stays above this range, we can expect it to move further up to 6890, or even it could scale up to 6939 shortly. We tend to think that so long as the Nifty does not fall below the 6800-mark, the bullishness is likely to continue.


  • Most critical levels: 6845 – 5857, its initial resistance zone

  • Strong resistance: 6890 – 6893

  • Major resistance: 6939 and 6995 – 7003

  • Strong support: 6819 – 6803

  • Major support: 6754

Bank Nifty (13122.10, +135.00, +1.04%)

The index is looking quite strong and bullish. It needs to cross and sustain above the critical level of 13176 then it move up on greater momentum. Having given a breakout above 13055, the index is suggesting a possibility of an upward blast. In such a situation, expect the Bank Nifty to scale up to 13327 – 13440 range for a minimum. Unless there is a correction and the index falls below 13016 – 12945 in a decisive manner.

  • Most critical levels: 13122 – 13176, its first resistance as well

  • Strong resistance: 13327 – 13340

  • Major resistance: 13440 – 13556

  • Strong support: 13016 – 12945

  • Major support: 12779 - 12754




Note (1): Either on the long side or on the short side if at any moment a counter is not moving beyond an initial or interim target to the final target book profits. Once initial target is crossed, you can use that as your trailing stop-loss level.



Rajat K. Bose
Notes (2): (please read).
* All prices relate to the NSE, unless otherwise mentioned.
* Calls are based on the previous trading day's price activity.
* The call is valid for the next trading session only unless otherwise mentioned.
*

Stop-loss levels are given so that there is a level below/above, which the market will tell us that the call has gone wrong. Stop-loss is an essential risk control mechanism; it should always be there.

*

Book, at least, part profits when the prices reach their targets; if you continue to hold on to positions then use trailing stops to lock in your profits.

*

Don't chase a stock, if you are unable to buy a stock because it hits circuit levels on successive days, don't buy that.

* The analyst and his clients may or may not have positions in the securities mentioned above.
Trading involves considerable risk. Trade at your own risk to the extent you are comfortable. The analyst shall not be responsible for any losses incurred for acting on these recommendations.
Rajat K Bose
 

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