Last week was one of the strong week for Nifty with a gain of 246 points. Now Nifty has managed to close above most resistances, thanks to the global relief on Greece issue.
Nifty is now likely to remain in short term up trend with major supports at 5340/5280/5250/5200. After forming a double bottom at 4750, Nifty is poised for a smart rally from here on.
Expect to see levels of 5422/5500/5570 on the Index soon. It may face some resistance at 5400-5420 zone, but every downturn must be used to add long positions.
In the next week 5250 can be considered to be a rock bottom support for Nifty.
Once Nifty decisively trades above 5440, expect it to rally strongly and 5600/5660 and 5740 are soon possible in the near term.
Overall trend - Positive.
Stock Recommendation for short term -
Buy ICICI Bank around 940.
SL 820 closing basis. Target - 990/1009/1026
10-20 days.
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