03 January 2013
Equity market
NIFTY struggles to take out immediate resistance at 6015-6040 despite positive (and feel-good) sentiment in global bourses. The risk is for deeper correction into 5930-5960 (ahead of 5860-5830) while 6095-6110 stays firm. Indian equity market has already taken into account all positive cues with strong support from off-shore investors. Domestic investors continue to stay in wait-and-watch mode in expectation of clarity on resolution to weak domestic cues and timing of rate cut action from RBI. For today, let us watch consolidation at 5960-6040, break-out if any to stay within 5900-6100. The trading strategy is to trade end-to-end. Strategic players can stay away for break-out of 5960-6040 range for trading actions. It is good to buy in 2 lots at 5945/5910 and sell in two lots at 6055/6090 (as counter trade) with tight affordable stop. Strategic players who are already “long” at 5880/5840 can place trail stop order at 5980 and run the profit for 6080.
Have a great day ahead and Good luck.........................Moses Harding
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