Aranca India Technical Analysis Daily Newsletter – 25 January 2012 Edition
Nifty Outlook for 25 January 2012
The Nifty opened relatively flat with a positive bias. It gained momentum and the Nifty posted a high of 5,141 after the CRR cut by the RBI. It ended the day 81 points, or 1.61%, higher at 5,127.35. During the next trading session, the index is likely to face resistance near 200-day SMA, after a sharp up move since the beginning of 2012. In addition, RSI in the overbought territory suggests profit booking at higher levels. During the day, 5,150 and 5,200 may act as the supply zone. On the downside, 5060 could act as the immediate support zone.
The trading ideas for this week include stocks from Commercial Vehicles & Textiles sectors. Download the report to know the stocks, their target price and stop loss, and Nifty movement forecast.
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