Greece is back in Lime Light again with the surprise annoucment by its PM PAPANDREOU
GREEKS TO VOTE ON EURO MEMBERSHIP IN REFERENDUM: PAPANDREOU.
Why is this so market un-nerving news reason Being PM has asked the Greeks to vote for the the austerity measures his government has taken and Do GREEKS LIKE it or not.
A Poll conducted suggests 60% people are against the Austerity measures and if VOTING outcome is NO Greece will not take the Bailout fund by EU and has to default.
Lets look How Nifty looks technically
On daily charts Nifty is still in uptrend from the rally which started from 5038.
As seen from the above Chart Nifty finally filled the Gap 5235-5320 after 3 Months and took support@5038 and Bounced from the lows . Today we are likely to open Gap down near 5200.
Technically for Nifty to maintain its up trend it need to touch its breakout levels ie.5169 once to make weak Longs exit the market.
Below 5169 the current uptrend will end. Nifty has rallied almost 700 Points from the low of 4720 in 17 trading sessions Hence Profit Booking was expected which took place in term of gap filling.
As can be seen from above Chart Fibo retracement from 5038-5400 38.2% comes at 5174 so below 5174-5169 uptrend ends and Hence should be SL for all Long trades.
Trading Levels for 2 Nov
Buy above 5248 TGt 5269,5300,5311 and 5324
Sell below 5218 Tgt 5200,5174 and 5145
Levels Mentioned are SPOT Levels
Sell below 2811 Tgt 2774,2745 and 2707
Biocon is trading in a parallel uptrending channel as shown in above chart.Stock did a brief breakout on intraday basis above the channel for a swing high of 369 but unable to sustain above the levels and fell back in channel and trading towards the lower trading range now.
Sell below 346.5 Tgt 344.6,341 and 336
Buy above 349.8 Tgt 353,355 and 358