Sell Nifty future in 4770-4775 range: ICICIdirect.com
ICICIdirect.com has come out with its report on Nifty Future, Bank of India (BOI), Polaris Software, Biocon and IDFC
January 09, 2012 / 11:53 IST
ICICIdirect.com has come out with its report on Nifty Future, Bank of India (BOI), Polaris Software, Biocon and IDFC
"selling below 15800 can take it towards Tuesday's gapup area ..." Dropping below 15800 on Friday, Index tested the gap-up area, though it recovered later to end flat till Saturday. Most sectors also ended flat, though Oil&Gas, PSU Indexes moved positive. The flat A/D ratio of Friday had turned positive by Saturday. Friday's action formed a Bull candle with large shadows on both sides, while Saturday formed a small Bear candle. Both together indicate volatile trading range between Tuesday's gap-up area and previous high of 16049. Overall, up-down segments have contracted since Dec'11. Indecisive until a larger segment gets formed.Nifty Future
Comment : Future premium up from 8 points to 13. Hesitation continues near previous high of 4808. Reverse if holds 4730 or 4750.
Action : Sell in the range of 4770-4775
Targets : 4742 / 4725 / higher
Stop-loss : 4777Bank of India (BOI)Action : Buy above 292
Targets : 298/300/Higher
Stop-loss : 289
Price sustaining above 5 days EMA and 14 perod RSI in buy modePolaris SoftwareComment: Price sustaining above the bullish rising gap area and price above 50 days EMA
Action : Buy above 132.50
Targets : 135.5/137.0/Higher
Stop-loss : 131BioconComment :
Action : Sell below 268.25
Targets : 263/261/Lower
Stop-loss : 270.75
Trendline support breached with a bearish gap down area and 14 period RSI giving bearish crossoverIDFCAction : Sell below 97.00
Targets : 95.00/94.00/Lower
Stop-loss : 98
Change of polarity trendline joining previous support area is acting as resistance and price taking resistance from 21 days EMAPublic holding more than 90% in Indian cos 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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