Last week we have seen high volatility on the frontline indices with nifty moving in range of 4350-4580 with a close marginally below the previous week’s closing. Also it was witnessed that it managed to remain in the broader range was not broken on closing basis. Although the ranges are intact and we find the range for the Nifty as 4330-4710 break on the either sides may lead to a breakdown or breakout. We recommend traders to go long on dips to 4440-4390 with stoploss of 4330 and go short on rise to 4600-4660 with a stoploss of 4710.
A major breakput may happen if Nifty manages to close above 4735, so try to cut short position and build long above it
Stock to go Short : ITC, Educomp, YesBank, GMRInfra, TataSteel
Stock to go Long : Renuka, JPHydro, RNRL, TTML
Related Pages :
