Technical Views - Equities 1st June 2011
NIFTY
TREND : We expect NIFTY to pause for the day before it can make its next move towards 5610. Yesterday was a wonderful and profitable day. These one side move days are truly the best we can expect. For today we might get long and short opportunities, but we should exit on small targets for shorts. 5520 is a good support for today and 5560 will 5610 will act as resistance
SIGNAL : Use buy and sell signals of TDI - BS only for the day.
BankNifty
TREND : Against our expectation BankNifty did not rest and was even more bullish than Nifty. This unexpected rise will act as a negative for BankNifty today. For today 11000 is a good resistance though 10930 will also be a minor hurdle. We should not buy this rise any more and look to sell on sell signals or with small SL at the higher range.
SIGNAL : Use sell signals of TDI - BS for the day
CNXIT
TREND : CNXIT is back in its range which it had broken down. We suggest to avoid trading CNXIT for now.
SIGNAL: avoid signals
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