Buy Nifty Future in 4731-4736 range: ICICIdirect.com
ICICIdirect.com has come out with its report on Nifty Future, Power Grid, Exide Industries, Sintex Industries, Idea Cellular
January 05, 2012 / 13:29 IST
ICICIdirect.com has come out with its report on Nifty Future, Power Grid, Exide Industries, Sintex Industries, Idea Cellular
"Bias is now positive for testing previous high of 16049." Index made two attempts intra-day, but reacted from 15992-16005 levels, before ending 57 points or marginal 0.3% lower. While PSUS and Cap. Goods Indexes gained by over a percent, Auto Index weakened by 1.2%. The A/D ratio ended even stevens. The action formed a small Bear candle, with higher high and lower close compared to the precious day. It can prove a Downward Bar Reversal if selling intensifies and also ends below the candle. Still two days left for faster retracement of preceding fall, protecting candle's low is required to keep the positive options open.Nifty Future
Comment : Future premium down from 18 points to 11. Tests 4799 against previous high of 4808. Reverse if fails to reach / sustain
beyond 4760 or 4800.
Action : Buy in the range of 4731-4736
Targets : 4765 / 4800 / higher
Stop-loss : 4729Power Grid
Action : Buy above 102.30
Targets : 104.20/105/Higher
Stop-loss : 101.3Exide Industries
Comment : Double bottom in the daily chart and price above 21 days EMA
Action : Buy above 114
Targets : 116/117/Higher
Stop-loss : 113Sintex Industries
Action : Sell below 65.20
Targets : 64/63.30/Lower
Stop-loss : 65.8
Bearish Engulfing candle in the daily chart and
price fall with volumeIdea Cellular
Action : Sell below 81.80
Targets : 80.10/79.50/Lower
Stop-loss : 82.7
Price taking resistance from 200 days EMA and price engulfing previous two days price actionShares held by Financial Institutions/BanksDisclaimer: 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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