SENSEX NIFTY
Dec 11, 2012, 09.07 AM IST | Source: Moneycontrol.com

Nifty has crucial intraday support at 5920: R K Global

R K Global has come out with its report on Nifty. The research firm recommend traders to remain cautiously bullish ahead of global volatility, though traders should keep an eye on 5855 level as strong support, till the time, this level is intact uptrend would remain intact, believe 5920 to act as crucial intraday support level.

R K Global has come out with its report on Nifty. The research firm recommend traders to remain cautiously bullish ahead of global volatility, though traders should keep an eye on 5855 level as strong support, till the time, this level is intact uptrend would remain intact,  believe 5920 to act as crucial intraday support level.

Nifty Future remained flat for the whole session and ended on an indecisive note at 5942.45 with a doji candle. It is facing resistance on the rise around 5990 level as expected. We expect broader index to remain under pressure till the time it is trading below last weekly high (5990). We recommend traders to remain cautiously bullish ahead of global volatility, though traders should keep an eye on 5855 level as strong support, till the time, this level is intact uptrend would remain intact. We believe 5920 to act as crucial intraday support level below which it would gain some corrective momentum till 5855 level so trade accordingly. We maintain our upside target same as early, hence buy on dips.

Pick of the Day:  Federal Bank CMP Rs 505.70, Strategy: buy on dips Rs 502 for the target of Rs 517.  Stop Loss: Rs495 (on daily closing basis).  Tenure: 5-7 days 

Analysis: The stock closed on a strong bullish note with a clear cut break out. It closed above its previous multi resistance area around Rs500 with a big white body candle supported by strong volume on daily chart. RSI Stochastic both the leading indicators are on steep rising mode along with bullish indication of MACD. So we recommend Federal Bank a strong buy on dips around Rs502 level.

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READ MORE ON  R K Global, Nifty, Federal Bank

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