As we expected yesterday Nity had a flat session but shipping sector as a whole zoomed and came out of troubled water with GE Shipping cruising ahead of all. MLL and SCI also followed it. Now for GE shipping the pivot is 340 and if it can retest it then its a good buying area. For initiating long at this stage 340 is support and resistance is at 400.
Some fertilizer stocks also showed upward traction. Manglore Chemical and Fertilizer has support at 41 and resistance at 50-55
Today Nifty may trade above 6150 and if it closes above 6150 then we may see it facing hurdles at 6230-6250
Trade less , trade well
Wednesday, November 3, 2010
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