Nifty has given a positive breakout by closing above the crucial level of 4900, we have also confirmed front line stocks like Reliance, State Bank, Icici Bank, Infosys, Dlf, Hindalco, Sesa Goa, Tata Steel, Tata Motors, Hero Moto Corp and many other. Nifty future closing above major resistance is very important for upside in the coming weeks, now nifty future may target 5200 level in this month series F&O expiry. In this result season most of the corporate have already declared their Q3 (Third Quarter) result for now most of the analysts are waiting for the interim budget for FY12. On charts nifty future is looking bullish and any pullback should be taken and buying opportunity, this buying may emerge on pull back around 5000 level. On Nifty future 5200 is 38.2% Fibonacci retracement level.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
Leave a Reply