Rajat Bose
rajatkbose.com
rajatkbose.com
Said, That the major support area around 4,185 may be broken by a gap-down. He added that unless 3,980 was decisively broken, 3,600 or 3,800 levels won't be seen on the Nifty. With respect to the issue of a pullback, Bose said, "If we were to see 4,160 sustained by the Nifty Futures even if it were to open lower and then if it conquers 4,205, there could be a pullback. But during that pullback you need to watch out for key resistance zone between 4,240 and 4,255. Unless this level is crossed, selling pressure at higher levels will once again emerge."
First of all, if you are looking at Nifty most probably the major support area around 4,185 would be broken with a gap down. Now if you are playing Nifty futures 4,160 is the crucial level. As far as my study is concerned, if you see the Nifty futures trading below 4,160 then there is a possibility that we might actually see lower levels close to about 4,100. That could be somewhere around 4,114 to about 4,120, if that gets broken then we are actually testing the earlier low. Spot Nifty might test 4,092 and June Nifty might actually test somewhere between 4,096 and 4,079. If those supports are also broken by any chance then we are heading to test 4,000 level.
The worst case scenario that I have projected though I have heard projections running up to 3,800 or 3,600 kind of levels but my feeling is that until and unless 3,980 is decisively broken I do not think those levels will pan out. Regarding the talk of a pull back, yes, if we were to see 4,160 is sustained by the Nifty futures even if it were to open lower and then 4,205 is also conquered then possibly there will be a pullback. But during that pullback you need to watch out for key resistance zone between 4,240 and 4,255, unless this level is crossed selling pressure at higher levels will once again emerge.
- Punj Lloyd is in a pretty good situation but on the current differentiation how far Punj Lloyd will actually move-up is a big question. I would say that it has to maintain above Rs 210. Rs 209 was yesterday’s high and if were really to do that then you will see further upswing happening.
I would prefer to watch but if you ask me if at all any trades needs to be initiated since 4,160 has not been broken I would wait for 4,205 to be crossed by the June Nifty then I would initiate a long position. That is the logical trade that I can think of at this point in time because yes there is so much of gloom and doom. But then the probability is that after a substantial fall you can see some kind of intraday recover where you can trade provided your stop losses are in place and you can actually get some 40–50 points on the Nifty.
- Suzlon in the long term looks pretty bullish technically. I would say that if there is a dip then that would be a good buying opportunity because medium term target for Suzlon would be Rs 135–140 for a minimum. I do not expect Suzlon to really go below Rs 93–91 kind of range and if we get a dip further towards say double digit levels of Rs 99–98 that would be a good buying opportunity because you are actually placing a stop below Rs 90 and keeping a target of Rs 135–140. So maybe it is not a buy right now but somewhat at lower levels definitely I would like to consider buying it.
source: MC
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