The NSE Nifty has seen some decline in firSt two days of the week but we saw a smart bounce-back from the 5150 levels, which is a very crucial support for the Nifty in the near term. The short term trend is still upward and one can use 5150 as stoploss for the positions initiated at lower levels, whereas on the higher side 5310 still remains a crucial resistance on the closing basis, a close above it may take the index to new recent highs of 5380-5447 levels.
Swing traders are advised to hold long positions in nifty and stock with stoploss of 5150, also may choose to book profit and current levels and enter the long positions once again above 5310. Once Nifty moves above 5310 zone, day traders can use Intraday dips on the Nifty to buy and use 5310 or day low as stoploss. Delivery based short term investor should continue to hold the existing positions and should look for dips to buy mid-caps.
Stocks to Go Long: RNRL, Suzlon, Union Bank
Stocks to Go Short: TataSteel, JindalStel, M&M
Previous Outlook
11-January
As mentioned in the past week’s outlook NSE Nifty is showing sluggishness at the current levels. Its moving in no mans land and we may not see major action unless the recent high of 5311 is not crossed on closing basis. This week’s movement in the Nifty is going to be the decider for the immediate short term trend. So wait for clear breakout or breakdown before taking any fresh position on either side.
Traders holding long position from 4960 levels are advised to books profits at current level and re enter the position once nifty closes above 5310. Once a breakout above 5310 is seen we may see a spurt on the index. Short term traders can use dips to add positions in mid-cap stocks as we may witness a major rally in mid-caps
Stocks to Go Long: Renuka, JindalSAW (STOCK WAS ON BLAST), Ispat
Stocks to Go Short: TataSteel, YesBank, TTML
Stocks to Go Long: Renuka, JindalSAW (STOCK WAS ON BLAST), Ispat
Stocks to Go Short: TataSteel, YesBank, TTML
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