Sell M&M below 683 TGT 653>638 Stoploss 705.
Buy ICICIBANK above 757 TGT 785>803 stoploss 729.
Last week we had mentioned that any major rally would correct before a next move, yet we saw just a 23 percent retracement to 4151. A 38 percent retracement would be around 3850 and 50 percent retracement is 3592 as shown in above chart.
Last week the Sensex gained 1.7 percent and Nifty ended higher by 1.4 percent respectively. As last week we had mentioned that some pullback can be expected and Nifty bounced from lower levels to touch 4370 levels before moving ahead to 4442-4483-4553 which will act as resistance zone. On the lower side if Nifty cracks below 4140 we could see a deep correction toward 4000-3865. For the coming weeks closing below 4310 levels we could test 4220-4150.
The Indian market opened on higher note tracking positive cues from global market and close with hand some gains.For coming session nifty trading above 4380 it likely to test 4440-4483 zones. On the other side 4290-4240 levels will act as support zones.
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Sell M&M below 683 TGT 653>638 Stoploss 705.
Buy ICICIBANK above 757 TGT 785>803 stoploss 729.
Last week we had mentioned that any major rally would correct before a next move, yet we saw just a 23 percent retracement to 4151. A 38 percent retracement would be around 3850 and 50 percent retracement is 3592 as shown in above chart.
Last week the Sensex gained 1.7 percent and Nifty ended higher by 1.4 percent respectively. As last week we had mentioned that some pullback can be expected and Nifty bounced from lower levels to touch 4370 levels before moving ahead to 4442-4483-4553 which will act as resistance zone. On the lower side if Nifty cracks below 4140 we could see a deep correction toward 4000-3865. For the coming weeks closing below 4310 levels we could test 4220-4150.
The Indian market opened on higher note tracking positive cues from global market and close with hand some gains.For coming session nifty trading above 4380 it likely to test 4440-4483 zones. On the other side 4290-4240 levels will act as support zones.
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