Nifty 6500 by April'2010

Hello all!!

A much awaited breakout happened on nifty this week. I was personally waiting for a decisive breakout above 4612 and 4658 on weekly basis and it finally happened. Unfortunately, it hasn't crossed the resistance of 4730 on daily basis with great conviction, neither by way of volumes nor substantial points gap. So, we might see intra week volatility.

Well, BSE Sensex had earlier given the same formation and it was awaited on Nifty. By virtue of the same formation, now Nifty's target is 6505 and Sensex's target is 22,300 and this target is expected to be attained by the end of April,2010.

Stock specific action:-

Aban Offshore - The stock is currently trading at Rs1571.30 Any correction in the stock is a very good buying opportunity. Rs1418 is the first support while 1633 the target.

DLF - Current price is Rs413.15. With a stop loss of Rs399/-, the stock can be bought for a target of Rs455/-. Coincidentally, Rs458 is a resistance.

Binani Cement - Stock is currently trading at Rs65.10/-. People with a horizon of 5-6 months can buy this stock for a target of Rs95/-.

Educomp - Stock is currently quoting a price of Rs4207.75/-. Decisive cross above Rs4288/- would be a great trigger for the stock and will generate a fresh buying opportunity.

Punj LLoyd - The stock's current price is Rs272.40/-. The stock can be bought with a target of Rs284/- while the stop loss would be Rs263/-.

Unitech - The stock is currently trading at Rs99.10/-. The stock can be bought with a stop loss of Rs94/-, while the target is Rs108/-, which I believe would get broken easily. After Rs108/-, stock might face resistance at Rs130/-.

There is a breakout awaited on Hero Honda, GMR Infra.
I am still cautious on mid-cap technology stocks.


Disclaimer:-
1) Predictions of movement of Stocks are purely based on thorough technical analysis by the writer.
2) Writer bears no responsibility for any decisions made by any individual or firm based on analysis given in this page.
3) Writer shall not be liable for any damages or gains incurred due to recommendations presented on this blog.