Free Intraday Tips For 22 June 2010
The Nifty has achieved its conservative target of the inverted head and shoulders pattern. Now, above 5330 there is only one hurdle for the Nifty i.e. 5400 the previous high. Once the high of 5400 is taken off, 5500 would be the next target, which is the aggressive target of the head and shoulders pattern and also the upper end of the parallel channel. The daily momentum was in buy mode but now the weekly momentum has also come into buy mode, which is a positive sign for the bulls in the medium term. On the lower side, 5266 is a crucial support below which the Nifty may see a correction in wave IV. However, even that will be a buying opportunity. So we continue to maintain our short- and medium-term target up.
Nifty Close 5353
Nifty Support 5310-5270-5220
Nifty Resistance 5380-5420-5470
Buy IDFC 172-173 SL 167.5 TGT 178-183
Buy Nifty ABOVE 5380 SL 5352 TGT 5445
Buy DLF ABOVE 294 SL 289.80 TGT 299
Buy JP Associates ABOVE 135 SL 133 TGT 138
