Nifty bounced back from major support area of 5350 yesterday. going forward 5480-5520 are key resistance areas.Those are good areas to go short on Nifty with stop at 5550.
Auto, FMCG and select pharma stocks bounced back. One should trade on the long side with low quantity as we are not out of woods yet.
Dr Reddy has formed multiple bottom on char and 1320 is major support while 1360-1370 is stiff resistance if the stocks is able to trade above the resistance areas then it may go up to 1410-1430.
M & M has support at 610 and resistances are at 637-646-657.
Nifty is at 5400 and RIL the heavy weight is at new low. Had Reliance participated in this rally then imagine where Nifty would have been !
Wednesday, September 1, 2010
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