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Mumbai, Maharashtra, India
Besides being a CHARTERED ACCOUNTANT from Institute of Chartered Accountants of India,SAP certified consultant(FICO) and A Director in an advertising Company,I am a BSE certified stock analyst(technical) and I trade regularly on Bombay stock exchange.Do you like to have some free reliable stock trading tips ??? Visit my blog daily and follow my research.

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Before using the blog,I advise viewers to read my very first few posts which I wrote when I started this blog.

Thursday, March 31, 2011

VIEWS FROM EMKAY'S TECHNICAL DESK

Nifty


Following the positive global markets, Nifty opened strong and tested our first target of 5782; thereafter it stared trading in a narrow range of 5800 to 5770. It made a high of 5803 in the intraday trade and finally ended at 5787 with a gain of 0.89%. The Advance Decline ratio was almost 4:1. We maintain our bullish view on Nifty with our next target of 5940. However, on the daily chart the stochastic oscillator is in the overbought zone thus some correction is possible but one should use such correction as a good buying opportunity. On the downside, now the200 DEMA will play as a strong support for immediate term, which is placed at 5588.


Bank Nifty

On Monday, the Bank Nifty tested our first target of 11417 and continued its uptrend. Yesterday it outperformed the broader markets and closed strong at 11765 with a gain of 1.58%. It is still looking strong thus we maintain our next target of 12495, which is the target of "Inverse H&S" pattern. On the downside, one can revise the stop-loss from 10591 to 11348.


BSE Realty

The BSE Realty Index outperformed the broader markets and closed strong at 2315 with a gain of 3.14%. We maintain bullish view and our target of 2419, which is the target of "Inverse H&S" pattern. On the downside, now the support is at 2202 for immediate term.


1 comment:

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