NIFTY CLOSES AT RECORD HIGH, SENSEX RISES 151 POINTS

The nifty hit an all-time high on Monday, joining a rally in Asian shares, with banks, and automobile firms leading the gains & came out on top, breaking out of a tight range they were trading for a couple of weeks, to end at fresh closing high. Nifty closed at all-time high of 10,181, up 79 points, or 0.78 per cent after shuttling between 10,188 and 10,140. It broke the previous record closing of 10,184. hit on August 1. Sensex also rose 151  points, or 0.47 per cent to end at 32,423, its highest closing since August 2 when it had settled at 32,476. During the day, it touched a high of 32,508.

Ø  TOP GAINEERS:

·         Cadila Healthcare Ltd rose 1.2% to Rs 487

·         Nucleus Software Exports Ltd rose 5.2% to Rs 314.55

·         Vascon Engineers Ltd rose 11% to Rs39.05

·         Bajaj Auto Ltd rose 3% to Rs 3113.75

Ø  TOP LOSERS:

·         Tata Motors Ltd rose 2.1% to Rs 409.85. BS Ltd fell 3%

·         Alkem Laboratories Ltd fell 3.2% to Rs 1750.

·         Reliance Communications Ltd fell 2.2% to Rs 20.05.

§  Pharma stocks fell.

·         Divi’s Laboratories Ltd 7%,

·         Ipca Laboratories Ltd 3.1%,

·         Sun Pharmaceuticals Industries Ltd 1.7%,

·         Alkem Lab 1.6%,

·         Dr Reddy’s Laboratories Ltd 1.1%,

·         Aurobindo Pharma 1.1%,

·         Wockhardt Ltd 0.6%.

MINDTREE BULLISH IN UPCOMING WEEK

BUY MINDTREE ABOVE 470 TGT 478/485 SL 458

After showing correction from the higher level (799) since long term , now stock is trading in short term recovery phase for medium term, it is likely to continue the upside move in near term with the crossing of the resistance level of 480 as the stock is managing to sustain above the level of 500.  It is likely to continue the positive movement with the breakout of the pattern at the levels of 500. 22 days moving averages seen as support level with the RSI of 52,and also showing the breakout trendline.  One may get the long term targets of 520,550 in mindtree with the stop loss of 458. Thus the trend of the MINDTREE in the short term, medium term and even the long term timeframe continues to remain upwards.and and 55&200 EMA seen as a resistance levels at 476 and 498.

DAILY CHART FOR MINDTREE

GO LONG AT DIPS UNTIL NIFTY HOLDS 10000

As we have predicted in our last post correction has witness in the market from the level 10140 and nifty achieved the target of 10100...

The Sensex gained 55  points or 0.17 per cent to end at 32,241. Nifty opened at 10,087 and traded between 10,143 and 10,087 in intra-day trade.while Nifty met with resistance and finally ended gain of 28 points, or 0.07 per cent higher at 10,117. breaking its four session long winning streak. It had gained 176 points in the past four trading sessions. Equity benchmarks ended volatile session on a positive note amid tepid global cues due to disappointing China's economic data on Thursday.

                                              A strong break (close)below 10050 will increase the downside pressure and drag it to 10000,9950. Traders can go short on a break below 10050 with a stop-loss at 10090 for the target of 10000,9950. Technically, Indian Stock Market is still in positive zone. So Nifty would witnessing strong resistance at lifetime highs of 10149 levels .But such a strong bounce looks less probable at the moment. because some Further Profit Booking Expected .but still every downfall would be an opportunity  to go long at every dip in the market. The downside pressure will ease only if   Nifty breaches levels of 10149 decisively. , it would head towards 10200 levels in upcoming sessions.

GO SHORT IN NIFTY AT 10140 WITH A STOP-LOSS AT 10190

Sensex opened strong and stayed in the positive zone for the major part of the session to hit a high of 32,348.30, but succumbed to late sell—off by investors dragged in down to a low of 32,126, before ending 27.75 points, or 0.09 per cent higher at 32,186.The Nifty opened at 10105 , made an intraday high of 10144 and make a low of 10078 and closed at 10096. Sentiment took a dramatic change particularly in the last one hour of trading with the lower opening of the European markets and investors started booking profits in broader markets at record levels. The outlook for nifty is buy on support or sell on resistance . Resistances are at 10125 and 10145. A fall to 10050 looks likely now. Inability to reverse higher from 10145 can drag nifty futures lower to 10100-10000.

                                Short-term traders can make use of bounces to go short at 10125-10145. Stop-loss can be placed at 10190 for the target of 10000. The downside pressure will ease only if the nifty futures manages to rise past 10145 decisively. But such a strong bounce looks less probable at the moment. 

LT IS IN SHORT TERM REVERSAL PHASE

SELL LT BELOW 1220 TGT 1200/1180 SL 1245

TECHNICAL VIEW:  After showing strong bullish movement , it  is forming a reversal pattern in short term charts, Primary trend of the LT is bearish. Strong Support level seen on daily chart at 1220. , it is likely to show correction with the breach of the support level of 1220, where one may initiate the short position in it for the targets of 1200/1180, while stop loss can be placed at 1245. On the other side It is likely to continue the upside move in near term with the crossing of the resistance level of 1235. as the stock is managing to trade above its 22& 50 and 200 days moving averages with the RSI of 70.  After breakout, the level of 1235 One may get the targets of 1250,1270 in the stock with the stop loss of 1220.

DAILY CHART FOR LT:

JUBLFOOD ; BREAKOUT ABOVE THE RESISTANCE LEVEL

BUY  JUBLFOOD ABOVE 1450 TGT 1470/1490 SL 1420

Primary trend of the JUBLFOOD  is bullish After showing consolidation at higher level, now stock is trading in uptrend, it is likely to continue the upside move in near term with the crossing of the resistance level of 1470 as the stock is managing to sustain above the level of 1450. One may get the targets of 1470,1490 in the stock with the stop loss of 1420.

as the stock is managing to trade above its 22& 55 and 200 days moving averages with the RSI of 70. 22 &55 EMA can see as a strong resistance at 1490. It is likely to experience fresh buying with the crossing the level of 1470 , where one may keep the targets of 1490-1500 in the stock with the stop loss of 1420.

DAILY CHART FOR JUBLFOOD:

KEEP AN EYE ON WIPRO THIS WEEK FOR 11-15 SEP 2017

BUY WIPRO ABOVE 297 TGT  302/305 SL 294

Primary trend of the WIPRO  is bullish and after giving breakout of its range bound movement, it is forming continuation pattern in short term charts, it is likely to continue the positive movement with the breakout of the pattern at the levels of 297 ; as the stock is managing to trade above its 22& 50 and 200 days moving averages with the RSI of 65, one may expect the targets of 299/305 in the stock if it manages to sustain above the immediate support level of 294.

DAILY CHART FOR WIPRO

LONG WHITE CANDLE IN CHART SIGNALS FOR BAJFINANCE UPTREND

buy BAJFINANCE above 1935 TGT 1990/2030 SL 1890

Primary trend of the BAJFINANCE is bullish and after giving breakout of its range bound movement, it is forming continuation pattern in short term charts, it is likely to continue the positive movement with the breakout of the pattern at the levels of 1935 ; Overall trend of the stock is bullish and after experiencing short-term correction. as the stock is managing to trade above its 22& 55 and 200 days moving averages with the RSI of 70, one may expect the targets of 1990/2030 in the stock if it manages to sustain above the immediate support level of 1890.

DAILY CHART FOR BAJFINANCE: