Nifty Technical for Week Starting 2 August
Nifty Closed the Lasst week in red loosing 131 Points and taking support on 5 Week EMA on weekly charts as i have pointed in the chart above.5350 Levels on Nifty has proved to be a good support in past few trading sessions and a break and sustained below it i except a 100 points on Nifty whereas if we are able to cross 5415 in Nifty than we can accept a new highs in offing.
Nifty Support for coming week:5350,5318,5269 and 5225
Nifty Resistance for coming week:5380,5415,5450 and 5480
ACC has been Resisting the trend line on Charts and coming down as shown on charts.RSI is above 50 suggesting strength in stock and if coupled with volumes it can break the trendline and march ahead.
Buy above 844 Tgt 848 ,858 and 867 SL 826
Sell Below 822 Tgt 813 and 800 Sl 826
Andrew Yule after 9 days of downfall made a quick upmove on rising volumes last friday and has moved above its short term moving average in a single trading sessions.All 5% float in market and goverment disinvestment on cards make this stock a good short term buy.Also based on technicals looks ripe for a good bounce in short term.
Buy on a close above 39 for a target of 41 44 and 48
Remember a Sustained closing above Rs 39
BASF limited has given a 2 weeks sustained close above its breakout levels ie.461 on weekly charts.Stock is trading around its 52 week high and can go ahead and make fresh 52 week high as Momentum is present in this counter. On daily chart RSI has been consistently trading above 50 mark which also exhibit strength in the counter accompanied with
expansion of volumes during the price rise.
Buy around a pull back of 461 or at cmp for a tgt of 485 500 and 514
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