LONG ZEEL FUTURE FOR 27 JAN 2016

“BUY ZEEL ABOVE 505 TGT 520/530 SL 490”

FOR LIVE MARKET OR BUDGET SESSION CALLS  

 08030636442

         The market has seemingly recovered from the demonetization gloom with Nifty ending above its crucial 8,600-mark for the first time since November 01. The positive rollovers to February series contributed to the gains. Technically, It opened with a gap-up above the psychological 8,500 mark and rose to a high of 8,606. The outlook remains bullish. Strong near-term support is at 8,490. As long as the nifty trades above this support, a rise to 8,550 or even 8,700 is likely in the coming sessions well ahead of the Union Budget next week. Short-term traders can go long at current levels. Accumulate longs on dips near 8,500. Keep the stop-loss at 8,480 for the target of 8,600.Outlook for the contract will turn negative only if it declines below 8,490 decisively. The next targets will be 8,450 and 8,430. But such a strong break and fall below 8,490 looks unlikely at the moment.

                        Expect Union Budget, due on February 1, to provide incentives to some sectors to help support economic growth.  So on upside first intra resistance are at 8610,8622,8650,8675. On downside first support is at 8490 level. Next support are at 8470,8445,8420,8380.

TOP GAINERS:  Kotak Bank, Bosch Ltd., Zeel, HDFC, Yes Bank, Adani Ports, Axis Bank,

TOP LOSERS:  Bharti Airtel, Wipro, Tech Mahindra, Reliance, Idea, Gail, HCL Tech