NIFTY OUTLOOK FOR 05/06/2014

THE LEVEL 7422-7444 LOOKS RESISTANCE
FOR NIFTY. LOT OF CONSOLIDATION GOING
ON AT 7377-7444 LEVEL.

NOW THE WEEKLY PIVOT MOVES TO 7355.
ALL THE CLOSES ABOVE 7355 ARE BULLS AREA.
MORE UPSIDE SEEN ABOVE 7444 TREND LINE.
BULLS CAN MOVE TOWARDS 7488 AND 7577.

BUT AS THE MOMENTUM COMING DOWN,
TECHNICAL TELLS US SOME CORRECTION
IS ON THE WAY. THIS IS THE CORRECTION FOR
THE IMPULSIVE WAVE FROM 5118(28/08/2013)
TO 7563(19/05/2014) 2445POINTS.

6630, 6340, AND 6051 ARE THE FIBONACCI
RETRACEMENTS TARGETS.

AS PER TECHNICAL,
NOW THE WEEKLY PIVOT IS 7355.
ABOVE 7400 BULLS CAN TARGET 7488 AND 7577.
BELOW 7311 BEARS CAN TARGET 7222 AND 7133.

Buy Dish TV with a target of Rs 60: Mitesh Thacker

"Dish TV is a 'BUY' call with a target of Rs 60 and a stop loss of Rs 52."

Buy Biocon with a target of Rs 468: Mitesh Thacker

"Biocon is a 'BUY' call with a target of Rs 468 and a stop loss of Rs 449."

Buy Jain Irrigation with a target of Rs 132: Ashwani Gujral

"Jain Irrigation is a 'BUY' call with a target of Rs 132 and a stop loss of Rs 118."

Buy IDBI Bank with a target of Rs 118: Ashwani Gujral

"IDBI Bank is a 'BUY' call with a target of Rs 118 and a stop loss of Rs 102."

Buy Adani Power with a target of Rs 72: Ashwani Gujral

"Adani Power is a 'BUY' call with a target of Rs 72 and a stop loss of Rs 60."