Nifty Outlook and short term momentum calls for 08/08/16
NIFTY CHART OF THE DAY
Nifty Trend
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In 60 minutes
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In Daily
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In Weekly
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In Yearly
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Nifty
(Spot)
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UP
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UP
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UP
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UP
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Market commentary:
Nifty Spot
Nifty Spot: Closed
above 8666 – 8680; eyeing 8878
Nifty
did manage to close above 8666 – 8680 resistance zone. Now Nifty could march
higher towards 8878. 8878 is a minor resistance zone when compared to that of
8666 – 8680. On its comparative basis; we expect Nifty to surpass even that if
current bulls strength remains intact. Looking at the technicals, Nifty is
still over heated and as the resistance zone is surpassed; it could well manage
to run very fast towards 8878 mark. On the other hand, if Nifty fails to hold
on to the closing resistance zone; then it calls for a cautious view (this is
unlikely to happen). Watch out for the run up followed by mild correction by
end of this weekend.
Va Tech Wabag
After being in a consolidation mode, this stock could give a
breakout on the upside very soon. This breakout could lead this fundamentally
strong stock to move towards 620 and 650 levels.
Ramco Cements
After a meaningful correction to the upside in past 2 weeks,
this stock is all poised for resuming its rally. The new rally could resume
towards 52 week high of 600+
Tata Motor DVR
We had exited the stock 2 – 3 weeks back after a sharp
rally. The stock did witnessed a meaningful correction and all set for next leg
up. This new leg upside would carry the stock towards 350+.
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