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.
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