Friday, July 13, 2012

DAILY TRADING NOTE (11th JUL 2012)





MARKET OUTLOOK
The Nifty opened with a positive gap and then traded northward throughout the day. The NIFTY recorded a low of 5284 levels, before moving up to a high of 5348 levels. The NIFTY eventually closed the day at 5345 levels with gain of 70 points.
As mentioned in our previous update that move past the 5330 level will trigger an upside to the 5400 levels. On the downside the index has immediate resistance at the 5300 levels followed by the 5280¬5255 levels.
Key Levels & Averages

IFCI FUT – Rs 42.55
Technical Outlook & Trading Strategy:
The share price of IFCI FUT signaled a breakout from a long term descending trend line on the daily chart. The short term and long term averages are in buy mode. On the daily chart, the RSI and MACD have given a positive crossover indicating further upside in the term.
We recommend a BUY on IFCI FUT at current levels with a stop loss of Rs 41.1 levels for a target of Rs 45-46 levels in the near term. 

Posted by at 6:14 AM
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