Nifty held the support zone of 5660 and made a quick move (a bit surprising though) to 5800+ levels.I might have missed a 50-60 points upmove above 5760-70 levels and should accept that it was an opportunity loss. The move in the final hours were quite convincing as all the major stocks could participate in the rally except some metal stocks. Institutional traders are pumping in money and the turnover data is showing that. Thus there is no need to create any short positions in the market and the major development that has happened is bank nifty leading nifty from the front. As mentioned Dollar/Inr got well resisted at 56 zone and that would act as a stiff resistance in the near term. Volatility was on the rise as this could be read as building of positions for next season and not short positions. Huge build can be see in 6000 strike and that could be the ceiling for nifty as of now as per the options data. Technical targets are close to 5940 - 50 levels and any dip close to 5730 levels would attract lot of buying interest. Among the stocks i think it is time increase the beta of the portfolio for Santa rally in December. HDIL and Canra bank would be top picks as both of them have similar chart pattern and i am expecting a return of 7-8% return from both these stocks.
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