Nifty Weekly View and Trading Ideas

Dear All,

Nifty has completed 12 Weeks of Weekly Positive close and May Series posting a Mind Blogging 25% Return Highest in any Series So far.So what's Next Will 13 Week Prove Unlucky to us?? Time will only tell.

In many Respect Next Week is quiet interesting if seen from trading point of view As as mentioned in last week Nifty Analysis Longs should only be initiated above 4320 Levels and see we are up almost 120 Points from 4320 Bull's Eye.

Now we face resistance at 4510 which is a citadel (Recent High on Tuesday) 4649 (AUG-08 high) and 4789 which is 61.8% retracement of the fall.

Longs should be taken above 4520 if it crossed and Sustained.I belive the Elcetion mandate euphoria is over and we will trade wrt to Global cues.

SEBI has again Reduced the Lot sizes in F&O.I have uploaded the sheet under download Section.Take a Look

Stock Specific

Dhan Laxmi Bank buy around 103-106 tgt 121 130 sl 96

Praj Industries Stock closed above and took support at 5 EMA on Daily and on Weekly charts closed above 55 EMA Can be taken at 105-109 sl 96 tgt 120 127

ABB has shown Flag Patterm Breakout and closed above 200 DMA on daily charts,Can see 675 700 Sl should be 630 levels

Cairn India is rallying on the back of Crude rally Now it has shown a negative divergence on RSI can be a good short at highs Keep an Eye on crude also before shorting Levels to be watched Resistance at 241 246 252 and support at 230 221 210

BGR Energy above 349 sl1.5%

Nifty intra day levels will be updated in Chat Box before 10.10 and 1-2 Intra day calls will be updated in the Chat box

Regards,
Bramesh


Trade with trend and Levels Do not try to predict the trend.