Last week the Nifty made an Intra day low of 4806 and bounced back sharply on the same day, and since that day markets continued to gain. Today Nifty closed at 5118.55 after hitting an Intra day high of 5161.75. It seems so that, Nifty is finding good support at the 4800 levels but still facing resistance at 5185 levels (recent high). Buying seems to happening only in the front line stocks. Mid cap stocks is lacking way behind. Seems that the markets still facing some resistance at the higher levels and lacks confidence. Traders are waiting on the side lines to get involved in the markets. Nifty above 5185 will give bullish breakout signal and that will lead to another round of short covering till 5300 levels. Nifty will continue to have support at 5015 levels.
Short Rel Capital below 845 with tgt of 807. SL 860
BUY Axis Bank with SL of 1041.
BUY HDFC bank close above 1810 with Sl of 1802