Tuesday, September 11, 2012

Will Nifty Cross 5400??

Dear All,

As wrote Yesterday Nifty took support near 5333 and able to rally 5393.


As Shown on chart - Nifty ended sub wave 4 in a short node and started 5th sw. Now 5380 act as a support, lower channel of the raising wedge. 5413,5430 and 5460 act as a Targeted Resistance. A Fresh Buy signal on MACD suggest that the Rally is still ON and has a Potential to reach out till 5450 or 5490 as well.

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Earlier we had a Buy call on Crompton Greaves at 106. cmp:111. As our Clients are still Holding it with a Profit of Rs.10,000/- (lot size 2000), Stock is taking too much time and consolidating also.

Now stock is facing a stiff Resistance at 112.35 - as marked with an arrow on the chart. Cross above may show 117 and 120 in few Hours.

I suggest even a Fresh entry above 112.35 for a given Target. Support at 110.30 & 109.50 as Stop Loss on Closing basis - All Cash Levels

Lets Wait for it. Cheers!!!