Technical View :: NIFTY
Nifty’s next levels of resistance are 6161/6211/6281. Since nifty has runup so much so fast now its time for it to correct for a while before any move to the upside. In the week just gone by nifty made an high of 6142 which is 100% fibonacci retracement on monthly chart indicating that it may pause and correct a while before making any fresh move to the upside. Due to high impact news announcements last week markets were completely driven by the news one been the positive and the other negative.
Note:- Though the below scrips Initial Stop Loss(ISLs)are wide we need to ensure that our targets are hit getting stopped out. Since all the below calls are purely positional/swing it may take approximately a week's time to achieve the respective targets . The below given partial targets would serve as supports or good buying zones/levels to enter the market to the upside as the uptrend is still intact.
Below is the forecast for the list of Indices and Stocks for the forthcoming week(Sept 23rd -27th 2013 week) :-
Caveat : - Do remember to move your Initial Stop Loss (ISL) to first target as soon as you are in money to lock minimum profits.
| INDEX/STOCK | ACTION | CMP | TARGET(S) | INITIAL STOPLOSS | COMMENTS |
| NIFTY | SELL | 6012.1 | 5961/5931 | 6281 | Targets are fully Achieved |
| BANK NIFTY | SELL | 10686.80 | 10529.95/10441 | 11357.50 | Targets are fully Achieved |
| INFOSYS | BUY | 2995.15 | 3006/3013/3024 | 2842 | Targets are fully Achieved |
| HCL | BUY | 1061.80 | 1081.5/1093.65/1103/1113 | 846 | 4 Targets are Achieved |
| WIPRO | BUY | 474.90 | 484/489.45/493.95/498.45 | 433.10 | Targets are fully Achieved |
| M&M | SELL | 874.20 | 864.5/859.85 | 906 | Targets are fully Achieved |
| ASIAN PAINTS | BUY | 488.15 | 501/509/515/522 | 422.70 | 2 Targets are achieved |
| COAL INDIA | BUY | 301.70 | 304.85/306.65/309/312/314 | 270.45 | Targets are fully Achieved |
| BHEL | BUY | 135.50 | 138.45/140.10/143 | 124.85 | Targets are fully Achieved |
| HINDALCO | SELL | 113.95 | 112/110 | 121.10 | Both the Targets are fully Achieved |
| ITC | BUY | 355.30 | 361/365/369/372 | 328 | Neither the Targets nor the SL is Targeted |
| BHARTI AIRTEL | BUY | 344.20 | 351/356/360/363 | 325 | Neither the Targets nor the SL is Targeted |
| AXIS BANK | SELL | 1102.35 | 1083/1072/1053 | 1311 | Targets are fully Achieved |
| NTPC | SELL | 148.30 | 146/143.45/141.75 | 165.40 | Targets are fully Achieved |
| KOTAK BANK | SELL | 748.20 | 735.9/729/717 | 792.80 | Targets are fully Achieved |
| MARUTI | BUY | 1467 | 1492/1506/1531/1551/1571 | 1320 | Neither the Targets nor the SL is Targeted |
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