The cues from global markets are positive this morning and our markets back home are looking promising going ahead. Nifty kissed the crucial short term support level of 5350 and bounced back. 5350-5340 remains a crucial short term support in the near term while resistances are placed near 5450-5460. Hence markets may find resistance at higher levels and hover around 5400. 5340 is the support which needs to be watched. If markets are able to breach this level we may witness a correction towards 5260 immediately. Short positions may be contemplated in Nifty at the breach of 5340 with a strict stoploss of 5360. Buyers may hold long positions on Nifty with a stoploss of 5340 for a target objective of 5800. Wait for the markets to consolidate before committing. Today’s closing will be crucial for the markets and hence wait for a day or two.
Buying may be contemplated in Tata Chemicals, Pantaloon Retail, Voltas, CESC, United Phosphorous and ITC.
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