Nifty has had a negative closing week after a strong run up to key resistance level of 5950.It may retrace back to 5650-5700. This zone offers a good buying opportunity. Market will look for Infosys results to be announced on next Friday.
Meanwhile , Pharma stocks are showing some signs of strength.Ajanta Pharma has made multiple bottom at 195 and offers good buying opportunity at 220-225 with strong support at 200 and the next target seems to be 250-260-270. It has broken out with huge surge in volume.Biocon and JB Pharma are another stocks in this space which are showing relative strength. Here one thing is to noted that JB Pharma is trading at life time high and life time highs should always be bought.It has support at 130 and traget is 200.
Something is happening in Graphite space.Stocks like Graphite India and HEG are showing buying patterns on the charts.
Tuesday, April 12, 2011
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