NIFTY again comes in positive range.
It is well above 5K mark.
The annual returns on NIFTY and SENSEX have been brilliant.
NIFTY Technicals:
Nifty did it at last – recording a new 2009 high at 5,198. The weekly closing was also on a very strong note. But the 5,200-mark has evolved in to a very strong psychological resistance and traders ought to stay a trifle cautious as long as the index dilly-dallies below this mark. A strong break-out will give the targets of 5,329 for the index.
Short term support would be available at 5,100 and 5,024. Traders can buy in declines until the first support holds. Decline below 5,024 would mean that a more serious correction is in progress.
Failure on part of the index to move beyond 5,200 next week can result in a sideways move between 5,000 and 5,200 for a few more sessions.
NIFTY 1 year returns - Source: Hindu Business Line
Stocks to watch out for:
Rajesh Exports: This stock is in positive trend can easily cross 96 in short term (CMP – 88.90)
TCS: One of the best performing stock in the Indian markets in short term can cross 792. (CMP- 748)
NTPC: Sudden increase in the stock price can take the stock to the new highs. Targets of 250 in short to medium term. (CMP- 229)
Jayaswal Neco: Good volumes and bulk deals in the stock makes it a medium term buy with targets of 35 – 37. (CMP-30.90)
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