Buy Nifty future in 4625-4630 range: ICICIdirect.com

Published on Tue, Jan 03, 2012 at 08:30 |  Source : Moneycontrol.com

Updated at Tue, Jan 03, 2012 at 14:13  

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Buy Nifty future in 4625-4630 range: ICICIdirect.com

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Other Stocks in this news

HCL Technologies | ITC | Hindustan Zinc |

ICICIdirect.com has come out with its report on Nifty Future, Tata Motors , HCL Technology , ITC and Hindustan Zinc

Sensex: "sell-off below 15400-6 is required to challenge 15136 ...+ve if holds 15400-6." Initially down 97, Index recovered from 15358, and finished marginally positive. Oil&Gas, IT Index contributed by gaining over 1%, though FMCG, Auto under-performed, losing over 1%. The A/D ratio improved to end marginally positive.

The action formed a Hammer pattern, indicating support at lower levels, perhaps an attempt to hold '2011 low and previous bottom at 15136. Hammer can be positive on follow-up buying sustaining above its head of 15543-50, even beyond the morning session. Failure in that, however, would maintain the lackluster mode of the market.

Nifty Future
CMP : 4648.10
Comment : Future premium up from 10 points to 11. Attempting to break the Red falling channel. Reverse if fails to reach / sustain beyond 4675.
Action : Buy in the range of 4625-4630
Targets : 4660 / 4675 / higher
Stop Loss : 4623

Tata Motors

CMP : 184.15
Comment : Higher bottom on daily and price above 21 day
EMA and trendline support in the 14 period RSI
Action : Buy above 185
Targets : 189/191/Higher
Stop-loss : 183.1

HCL Technology

CMP : 394.85
Comment : Bullish Engulfing candle engulfing last few days price action and bullish crossover in 14 perios RSI
Action : Buy above 395.50
Targets : 401.50/404/Higher
Stop-loss : 392

ITC

CMP : 199.45
Comment :
Action : Sell below 198.70
Targets : 194.50/193/Lower
Stop-loss : 200.7
Bearish Belt hold line and 14 period RSI in sell
mode in the daily chart

Hindustan Zinc

CMP : 115.50
Comment :
Action : Sell below 115
Targets : 113/112/Lower
Stop-loss : 116
Trendline support breached in the daily chart and
price below 21 days EMA

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click on the attachment

  

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