PP | R1 | R2 | R3 | S1 | S2 | S3 | |
NIFTY | 5500.0 | 5558.0 | 5657.0 | 5401.0 | 5343.0 | ||
SBI | 2772.0 | 2804.0 | 2847.0 | 2728.0 | 2695.0 | 2652.0 | |
Hindalco | 211.0 | 214.0 | 220.0 | 205.0 | 202.0 | 197.0 | |
T. Steel | 644.0 | 654.0 | 671.0 | 681.0 | 627.0 | 617.0 | 600.0 |
IDBI | 135.6 | 138.6 | 143.9 | 146.9 | 130.3 | 127.0 | 122.0 |
NIFTY-
After Fridays fall, Nifty again slipped below all the moving averages except 7 & 11 DMA. Therefore Nifty may try to take support at 5421 and 5392. If it breaches 5392 then it may test 5350 in today’s trading session.
Nifty will be bullish only if it continue to trade above 5450. More power will be added if it touches 5475 and then it will touch 5495 and 5515 in today’s trade too.
On Friday it started developing bearish engulfing pattern but not yet confirmed. So trade with caution and strict Stoploss.
SBI-
It is trading still above its 25, 7, 200 and 11 DMA. Therefore these averages will act as supports. So SBI will show support at 2730, 2700 and 2690. I feel in banking sector, SBI will outperform if it continues to trade above its 200 and 11 DMA.
So keep buying SBI with SL-2680 and NIFTY SL-5350
IDBI-
This counter is trading below all the averages……a weak counter. So buy it only if it starts trading above 138 with SL of 135. If market falls it may touch 120-122.
HINDALCO-
This counter is trading well above its 200DMA but overall its move is weak. Its immediate strong support lies at 200 and 191. In my opinion I will maintain buy on this counter around 202-204 with SL 200. In forthcoming days it may touch 220-225.
