Weekly Nifty Outlook (18/10/2010 - 22/10/2010)

Weekly Nifty Outlook for the week 18/10/2010 - 22/10/2010 :

 

Stay Bullish on Nifty Fut till it holds 6040.
Nifty Fut will face stiff resistance at 6158-6176 levels crossing & sustaining above which, it will touch 6249 & 6319.
But, If fails to cross & 6176, Will be in a trading range 6040-6176.
Strong support lies at 6042-6053. Only if it breaks & sustains below 6040, it may touch 5941 & 5824.
Strategy should be to Buy on dips around 6040 till it does not break 6030.

The Week ahead !!!!

 

Short Term Buy : Hold Redington advised to Buy in dips. 

ICSA (CMP 126-127). Accumulate on dips. Stock can spark upto 140-155 levels if 120 is held.

 

Apollo Tyres If holds 77-78, can give us a decent upside.

Sun Pharma Advance Research Company (SPARC) - Once bought at 91-92
& booked around 97...Can be again rebought on dips in small Qty till 88 is not breached
on a closing basis.

 

Nagarjuna Construction : This stock is ripe for a good movement.

One can buy a small Qty from a Medium Term View. May not give Quick Returns.
Patience is required.

 

Caution : Nifty Fut breaking 6040 will prove risky for holding stocks from a Delivery perspective. Reduce Volumes if 6040 is breached.