SENSEX (Close- 14287.21)
We have seen a strong rebound after credit policy shock. Better part of last trading session that it has moved above 14000 marks only. I have already talked about the move towards 14500 in recovery. For medium term Sensex will trade in a range only. It would not be directive call of up or down. Stock specific action is expected. Till now buying was focused on key blue-chip stocks. Technically there are few stocks which are ready for a moderate up side. I am not betting anything on mid cap stocks as it will be too early to take any call on this pack. Caution required if you are buying mid cap stocks.
Support - 14189/14065/13940
Resistance - 14480/14650/14800
NIFTY (Close- 4313.55)
Nifty has closed above crucial level of 4300. Technical levels suggests that it should take a move towards 4400+ levels. Most crucial levels to watch for is still too far i.e. 4500 marks. Its too early to say about stability but let us see.
Support - 4280/4238/4180
Resistance - 4345/4378/4409
Thursday, July 31, 2008
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