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Aranca India Technical Analysis Daily Newsletter –17 May 2013 Edition

Nifty Outlook for 17 May 2013

The Nifty ended the day 23.15 points, or 0.38%, higher at 6,169.90. The index held above the previous session’s low, suggesting bullishness is intact. However, on the hourly charts, RSI has turned flat after testing the overbought territory. Hence, traders should be cautiously optimistic at higher levels. The bias could remain positive until it trades above 20-day EMA. On the upside, Nifty could face resistance at 6,190 and 6,250. Conversely, 6,150 and 6,100 could act as the support for the day.

The trading ideas in this report include stocks from Cement/Cement Products & Personal Products sectors. Download the report to know the stocks, their target price and stop loss, and Nifty movement forecast.

 

To read more and view charts, click here.

 

 

 

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