TRADE IDEA ON UPL FUTURE FOR 05 JAN 2017

“BUY UPL ABOVE 665 TGT 675/685 SL 650”

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After showing correction from the higher level, now stock is trading in short term recovery phase, it is likely to continue the upside move in near term with the crossing of the resistance level of 665 as the stock is managing to sustain above the level of 650. as the stock is sustaining above its 22&55 days moving averages with the RSI 55.One may get the targets of 680,700 in the stock with the stop loss of 650.

SENSEX FLAT;NIFTY FAILS TO CLOSE ABOVE 8200          

The Sensex and Nifty ended flat as positive sentiment from upbeat global economic data was offset by caution ahed of corporate results starting later this month and the government's annual budget in early February. Technically, After recording an intra-day high at 8,223, the contract began to experience selling pressure and turned volatile. It fell below the immediate support level of 8,200 and marked an intra-day low at 8,187 levels. The Nifty  is also volatile and is moving sideways. The advances/declines ratio is slightly biased towards advances.

                    Traders with a short-term perspective should tread with caution as long as the contract trades in the band between 8,190 and 8,220.A strong rally beyond 8,220 will strengthen the bullish momentum and push the contract higher to 8,240 and 8,250 levels. But a decisive fall below 8,190 can bring back selling pressure and pull the contract down to 8,175 and 8,150 levels in the near term.