2025-10-30 00:39:34
Latest Post
3i Infotech Limited allots 3,77,08,165 equity shares on rights basis, Issue oversubscribed 1.45 times
Reliance Power Ltd appoints retired IAS Officer Ms. Zohra Chatterji as Independent Director
Airfloa Rail Technology Ltd receives order worth Rs. 23.91 crores
Macfos Ltd consolidated Q2FY26 net profit up QoQ at Rs. 5.10 crore
Jasch Gauging Technologies Ltd Q2 FY2025-26 net profit at Rs. 5.13 crore
Market Commentary
6005 is trend deciding level for Nifty - AXIS DIRECT
Posted On : 2013-01-06 23:54:21( TIMEZONE : IST )
Nifty opened the previous week on a flat note and accelerated its uptrend for the five consecutive sessions. The benchmark indices closed the week higher above its psychological 6000 level. At close of 6016 Nifty gained 1.82% on weekly basis.
Nifty managed to give breakout of consolidation range of 5965- 5830 ,This breakout was coupled with high volumes indicating increased participation. On the weekly chart Nifty has formed a bullish continuation 'Flag' pattern and the projected target is around 6200 levels. This target is also coincides with the weekly up sloping Chanel's upper end resistance of 6250 levels. On the daily and weekly chart Nifty is trending Up with higher Top and Bottom formation indicating bullish bias. The immediate support is placed at 5960 and major crucial support is at 5820 level. Daily prices are sustaining above 20 and 50 day SMA supporting bullish trend. For the week we expect index to accelerate its upmove and may test 6060 and 6100 levels. In the coming week Nifty is likely to trade with positive bias in the range of 5960-6150 levels.
The weekly strength indicator RSI is in bullish move above its reference line indicating increased strength. However the weekly momentum Oscillator - Stochastic is placed flat in overbought zone suggesting loss of momentum.
The trend deciding level for the day is 6005, If NIFTY trades above this level then we may witness a further rally up to 6030-6045-6070 levels. However, if NIFTY trades below 6005 levels then we may see some profit booking initiating in the market, which may correct up to 5990-5965-5950 levels.
Stocks to focus for intraday Long: ABB, Bhel, Century Text.,Coal Ind., FinTech., HCLTECH, ICICI Bk., M&M
Stocks to focus for intraday Short: Federal Bk, Glenmark, Havells, Kotak Bk., Raymond
The trend deciding level for the day is 5860, If NIFTY trades above this level then we may witness a further rally up to 5875-5905-5925 levels. However, if NIFTY trades below 5860 levels then we may see some profit booking initiating in the market, which may correct up to 5830-5810-5785 levels.
Stocks to focus for intraday Long: Auro pharma, Hind oil Expo, Idea.
Stocks to focus for intraday Short: Educomp, ABB, Rolta, Relcapital, Syndicate bank.
