Today's Issue
Aranca India Technical Analysis Daily Newsletter – 18 May 2012 Edition
Nifty Outlook for 18 May 2012
The Nifty opened on a firm note and tested an intraday high of 4,922.5. However, it erased the opening session’s gains on account of weak global cues and the depreciating rupee. BSE Capital Goods index has plunged by almost 2% followed by sectors like Consumer Durable, Auto, Power, all declining nearly 1%. It ended the day 12 points, or 0.25 %, higher at 4,870.20. On daily charts, the Nifty held above the previous session’s low and ended in a small body candlestick formation, suggesting support at lower levels. Going forward, if the Nifty sustains above 4,922, it may test 4,950 and 4, 970. On the other side, 4,850 and 4,820 are the support zone.
The trading ideas for this week include stocks from Electric Utilities & Heavy Electrical Equipment Sectors.Download the report to know the stocks, their target price and stop loss, and Nifty movement forecast.
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