Nifty continues to get decent support close to 5970 and it is expected to trade higher till 6100 with a reversal below 5930. The recent high of 6230 levels can be an interim top and i would like to update my medium term target of 6350 to 6230 levels. Nifty needs decent consolidation close to 5860-5930 to to break into new highs in the coming months. The bullish momentum can continue for some more time as the nifty futures is still trading in a discount and i have mentioned this fact a number of times in the blog.As the volatility index is at a higher level and the index futures is trading at a discount it is difficult to go with the bears. Long term investment call of Lupin has already done with the target of 800+ and i would like to shuffle the stock with Ranbaxy at this juncture.(29 april 2013 post) Weekly charts are saying that the stock is close to a good support zone and we could see smart money coming into this stock close to these levels. I would like to buy the stock in small quantity with a stop close to 380. It is always wise to test a bottom by buying some and not in bulk. TATA steel is another stock which is worth mentioning and both these stocks could give 10% return from current levels. I would like to hold onto Indus ind bank as a portfolio bet for 600+ and remaining ones as trading bets. Bank nifty is another factor which is in favor of a quick bounce in nifty as it could retest 13000-13050 levels once more and a rounding bottom formation in the hourly chart of nifty and bank nifty is suggesting that. Options data is suggesting 5900-6100 as a broader range for nifty in the coming weeks
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