Nifty Update for December 1 - Inder Bhatia

Weekly Nifty had made INSIDE BAR breakout. Above 2834 a good upmove can be seen. However, if it breaks below 2504, we can see Nifty move to the lower side.

Buy BHARTI above 674 TGT 690 >706 Stoploss 664.

The Indian market opened on a positive note and closed in the green zone. After the terror attacks on Mumbai, the market remained closed Thursday. On Friday, the market opened on a positive note. The last session saw smart buying and the Nifty closed in the green zone. On the hourly chart, Nifty is forming an inverse head and shoulder pattern. Closing above 2790, it can test the 3050 zone. For any long 2630 will act as a support and stoploss.

Last week Nifty rose 2.39 percent on lower inflation number and decent GDP data. On the daily chart, Nifty is forming a bullish symmetrical triangle. If Nifty crosses 2840 we could test 3050-3100 levels. On the lower side 2630-2580 would act as a support zone. For the coming session closing above 2775 Nifty can test 2834-2883 zone. On the lower side closing below 2721 it can test the 2660 zone.

Buy PATNI above 142 TGT 153>165 Stoploss 136.