It was a fantastic start to the week for the Indian market with a 95 point rally on the Nifty. Strong buying in most sectors, led by FMCG, financials, telecom and followed by oil & gas, metal, cement, saw our market rally all through to close with huge gains and at the highs of the day. Sensex shut shop at 19906, up 311 points and Nifty at 5980, up 95 points from the previous close. The market breadth was positive with advances at 790 against declines of 497 on the NSE.
NEXT DAY TRADING :
As I told in earlier post that if Nifty was sustain above 5900 than can test 6000, & we saw that Nifty has touch 5988 in spot. now trader has to be very caustion while carry long position because market is clearly over bought level,However despite the fact that market seem to be an over bought zone, but historical data suggest that it is the tendency of market to remain going in this zone fair length of time.At the time of 18400 level many reader asked me or told me that " Ab to market bhut bad gaya hai short karna chahiye, yaha se niche aayega" I simply told him my level's that if mkt sustain above 18600 than can touch 20000 -20500. Now my view is that that trader start generate cash around 20200-20500, & don't carry over position be stock specific & tarde in decispline with Stpo loss..
For today session, Nifty is expected to continue the buying trend traders are suggested buy at dip up to 5965 may acts as strong support for today.
For today nift face resistance around 6000-6050 support 5965-5930.
Stock for watch :
Sesagoa: Stock looking good on chart & showing some srength can touch 355 -360 in neart term.
http://udaystocks.blogspot.com/
Live call will give on Yahoo messnger uday_ranawat@yahoo.co.in
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