Last week we mentioned about the levels of 5070 for the Nifty as a resistance and we saw that in the week we were not able to see a close above these level. Since this level is not yet breached we still se some resistance at around 5070 levels. Above which, the next level on the Nifty to watch would be 5140. The Nifty is showing side ways movement and we may see some more consolidation at these levels, which will help it form a base for the overall bullish trend.
We advise traders trading in the NSE Nifty Futures to go short on rise around to 5070-5130 with a stoploss of 5160 or alternatively go long on dips to 4960-4910 with stoploss at around 4850. Wait for either of the opportunities before taking a position.
Stocks to Go Short: Unitech, RNRL, CentralBank
Stocks to Go Long: TV-18, GNFC, Rolta
Previous Outlook
16-November
As per the last week’s outlook we suggested to hold long position and stated that Nifty is back in Uptrend, the same was followed, we saw a gain of almost 200 Points from the previous week’s closing. The Nifty has sustained well above the level of 4748 in the last week. The trend is still up and we may see some more consolidations at the current level. The next level to watch would be at around 5070 where we may see some supply coming in the markets.
Short Term traders should hold long positions and try to add more on dips with stoploss of 4847 for a target of 5090-5240. Markets will test patience and may take some time to show fresh up-moves.
Stocks to Go Short: HindUnilever, FinanTech, ACC
Stocks to Go Long: RCOM, Unitech, TV-18
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