Nifty Technical View and Trading Ideas

By | December 13, 2009

Nifty has formed a triple top a kind of reversal pattern at 5181 levels.Read More about Triple Top

Nifty is trading in a range of 5050-5181 from past 5 -7 trading sessions.There will be a fierce rally if it breaks on either side.

Trading Levels for Nifty

Support at 5076,5035 and 4982.

Resistance 5129 5170 to 5223.

Trading Ideas

RELIANCE : Above 1074 if sustain then go for 1084 to 1098 or even 1109. Support at 1060 if break this then slide for 1050 to 1036.

SBI : If Break 2242 then slide for 2218 to 2177. At upside it face strong resistance around 2283 if cross then go for 2307 to 2348.

Tata Communication forming a strong support at 350 levels Longs should be initiated around 347-350 levels with a sl of 341 for a tgt of 361 370 375

Sell Canara Bank if 396 is broken for a tgt of 388 378

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