Dear All,
Nifty has formed Doji in EOD charts.Doji usually stands for a Trend reversal which looks unlikely in the current scenario to most of the people,But wait markets have there mind of own and we can just speculate in the Extreme short term.
Now resistance for Nifty comes at 3437 which is 200 MA.
Technically speaking we are in overbought zone and we may see corection in near term.
Nifty 5 EMA stands at 3254 while NIfty is at 3342 so a Diffrence of 92 Points which needs to be retraced,Now if bity is unable to cross 3437 we short it for a tgt of 3200.
It is better to buy 3200 PE and 3100 PE if NIfty is unable to cross 3437 and if it able to cross that than get ready for a 200 points move on which i am a bit circumspect.
Stock Specific
RIIL which posted a Breath Taking Rally in 1 week noww faces resistance at 923.Short at that levels for a tgt of 850 Sl 950
NTPC above 208 will give a tgt of 216
MOser baer which looks a bit overbought should be bought on dips till rs 60 for a sl of 56 tgt 76 and 80
Relaince faces resiatnce at 1800-1825 can be shorted at that levels
Torrent Power can see 123 above 114 trade with a sl of 96
Regards,
Bramesh