Trading strategy for 17th January 2014
The market after flat opening yesterday closed in the negative with slim loss amid moderate volatility with the Sensex at 21265 losing 24 points making a high of 21379 in early morning trades while the Nifty ended at 6318 down 2 points on profit taking in front line stocks namely auto, telecom and FMCG among others while IT stocks remained firm. The market breadth remained weak as 1192 shares advanced while 1547 declined. Readers are advised to trade with caution keeping stock specific approach.
NIFTY FUTURE (Last close 6329.85)
The counter after flat opening yesterday moved range bound with moderate volatility throughout the session and finally closed flat with marginal loss. The counter to gain strength needs to trade and remain above 6347.75 whereby it may move up to 6366/6387. Strong support for the counter exists at 6304.25 which if breached decisively with volumes then it may slide to 6276/6254.
The counter after flat opening yesterday moved range bound with moderate volatility throughout the session and finally closed flat with marginal loss. The counter to gain strength needs to trade and remain above 6347.75 whereby it may move up to 6366/6387. Strong support for the counter exists at 6304.25 which if breached decisively with volumes then it may slide to 6276/6254.
BANK NIFTY FUTURRE (Last close 11110.35)
The counter after positive opening yesterday moved in a choppy fashion throughout the session with moderate volatility and finally closed with marginal loss of 37 points as investors indulged in profit taking at higher levels. The counter to gain strength needs to trade and remain above 11152.75 whereby it may move up to 11196/11226. Strong support for the counter exists at 11071.25 which if breached decisively with volumes then it may slide to 11023/10972.
The counter after positive opening yesterday moved in a choppy fashion throughout the session with moderate volatility and finally closed with marginal loss of 37 points as investors indulged in profit taking at higher levels. The counter to gain strength needs to trade and remain above 11152.75 whereby it may move up to 11196/11226. Strong support for the counter exists at 11071.25 which if breached decisively with volumes then it may slide to 11023/10972.
Buy Aurobindo Pharma with a target of Rs 415: Ashwani Gujral
Buy Aurobindo Pharma with a target of Rs 415 and a stop loss of Rs 390: Ashwani Gujral.
Buy UltraTech with a target of Rs 1810: Ashwani Gujral
Buy UltraTech with a target of Rs 1810 and a stop loss of Rs 1730: Ashwani Gujral.
Buy NMDC with a target of Rs 154: Ashwani Gujral
Buy NMDC with a target of Rs 154 and a stop loss of Rs 140: Ashwani Gujral.
Buy Wipro with a target of Rs 595: Mitesh Thacker
Buy Wipro with a target of Rs 595 and a stop loss of Rs 560: Mitesh Thacker.
Sell Aditya Birla Nuvo with a target of Rs 1080: Mitesh Thacker
Sell Aditya Birla Nuvo with a target of Rs 1080 and a stop loss of Rs 1141: Mitesh Thacker.
Buy NMDC with a target of Rs 155: Mitesh Thacker
Buy NMDC with a target of Rs 155 and a stop loss of Rs 141.5: Mitesh Thacker.
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BUY BANK NIFTY FUTURES ABOVE 11090 TG- 11140/11220/11320 SL- 10990
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