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Nifty continued the upmove and done with the 61.8% retracement target of 5920-50 and trading higher above 6000 levels. It is expected to take support at the break away gap of 5890-5900 and trade higher till 6200 in the medium term. August too can be a positive month for nifty if world market reacts in favor. If we look at the chart structure nifty should not move at the current pace but lot of other indices like Banknifty, midcap and small cap index should outperform in the short term. Thus a pause in nifty is not ruled out as the advance decline ratio's have been poor and we should give some time for other indices to out perform. A negative dollar with a near term target of 58 can boost equity markets in a bigger way.If we look at S&P it is close to the previous top but i am not expecting a serious upmove here after and slightly negative for a target of 1600 or lower in the near term. The maximum upside can be 1690-1700 where it should make distribution patterns and lower volumes are saying this. In the stocks front 5-6 stocks can out perform nifty in the near term.The volatility data shows that buying is happening at lower levels as traders have missed so many gap up openings and looking at dips to accumulate. Thus i am expecting other indices like midcap and small cap space to out perform nifty in the short term.
Canara Bank - Looks like a head and shoulders base formation .Wait till 40 days moving average to be taken out which is placed around 360 keep a stop at 352 for a target of 380-385.
Coal India - Stock is trading above 20 & 40 days moving average, momentum indicators are positive long above 303 stop at 296. Look for a target of 325 in the short term.
DLF - No major accumulation has taken place but the momentum is in favor and a falling trendline break out on the upside is visible . Would like to be a buyer around 180 and stop would be around 175 like to place a target of 195 in the short term.
Exide - The favorite among all . A rounding bottom formation , positive momentum with decent volumes looks like 118 is the stop for a target of 135 +
Jindal steel - A high momentum stock , tired of falling, looking at a target of 240+ in the short term 213 can be the stop
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