NIFTY gained ground for the third day. The Index is up 186
points or 3.6% during the last three days. Expect more of the same in the next
few days as the market is well supported below 5200 level. In the near term,
NIFTY is facing stiff resistance at 5250 and a close above this level will
propel Index towards 5350-5400 area. Near term support is at 5200 while major
support lies at 5100.
STER is looking set to challenge its near term
resistance level at Rs 115.00. Though the stock is in the sell mode on a long
term basis, recent behavior is suggesting that long term base formation is
almost complete only range breakout is required to complete the setup. Expect a
solid uptrend targeting Rs 140.00 level if STER manages to sustain prices above
Rs 115.00. Failure to do so will result in a range bound behavior. Major support
zone is placed at Rs 95.00-100.00. Buy on weakness.
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