Buying momentum continues: Nifty jumps 156.60 points; Sensex closes above 61000; Bank Nifty up by 0.74%.

Buying momentum continued for the fourth day on D-street. After a gap up opening market managed to hold the opening gains. The rally was fuelled by Auto sector, followed by Energy and Metal.

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Nifty

Nifty has to sustain above 18225 for northward move to continue. Once Nifty sustains above 18225 it can go till 18300-18350. Nifty has a good support at 18150. If Nifty breaks the support level it can fall till 18080-18000.

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Bank Nifty

Bank Nifty made a intraday high of 38851.45. For the up move to continue the banking index should break 38800. Once Bank Nifty breaks 38800 it can go till 39000-39100. Bank Nifty has a good support in the range of 38600-38500, breaking which means it can plunge till 38300.

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Stocks to watch out.

1. Tvs Motors (LTP 654.80)

Once Tvs starts trading above todays high (658.15) it can go till 680-690. Also the breakout in Auto index will support the move. It has a support around 640.

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2. Concor (LTP 656.60)

 slightly bullish doji candle near breakout level with heavy volumes show that Concor can perform well in the coming sessions if, it breaks today's high of 661.95. With next resistance at 693 and support at 645-630, Concor looks good short term bet.

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Disclaimer

All the information is from source deemed to be reliable but there is no guarantee to the accuracy. Information is for EDUCATIONAL PURPOSES ONLY and is not intended to give specific trading or investment advice. past performance is no guarantee of future performance. Investment/ trading carries significant risk of loss and you should consult your financial professional before trading or investing.  Opinions are given based on widely-accepted methods of technical analysis other methods of analysis. No specific recommendation is given to buy, hold or sell of these markets/securities or exchange traded funds related to these markets.

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