Share Market Trend Today :-
Spot Nifty closed at 5691.15, which is more than 110 points from last week on closing basis. We got a candle with a higher top & higher bottom in weekly chart after february 2012 but the point is with the pattern- a hanging man in weekly chart. It is not a bullish sign at all though confirmation is needed. The silver line is that we got a closing above the high (5629.95) of february, which is well above the 61.8% retracement level (5650 > 6338.50 to 4531.15).
If nifty can manage to close above 5700 or more than that on coming friday (28 sep, 2012) then we may get a bullish candle in monthly & quaterly as well. So hope for the best. now onwards 5625 will be the loc for the time being. No long positions should be entertained below the loc at least for Nifty in short term. Profit taking zone stands around 5720-5750.
Hot Stocks To Trade Today
1) State Bank of India
2) Telecom stocks will be in focus(Bharti Airtel, Idea)
3) Tata MetaliksLtd
4) Aban Offshore Ltd
5) NTPC Ltd
6) Reliance Industries Ltd
7) Maruti Suzuki Ltd
8) Coal India Ltd
9) BPCL
10) Bhushan Steel Ltd
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