Jan 03, 2012, 02.13 PM IST

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

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

Source: Moneycontrol.com
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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.



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