Ready for next up-move

Money Times - - Market Outlook - By Ro­han Nalavade

As rightly fore­cast in the last issue, the Nifty swung in the range of 9700-9900 last week. It found sup­port above 9700 but faced re­sis­tance at 9900. It closed above 9850 last week, which is a pos­i­tive sign for the mar­kets. The Nifty closed above the im­por­tant Gann level of 9801 for two con­sec­u­tive weeks. Thus, the mar­ket shows pos­i­tive signs and if the Nifty closes above 9920, it could test 9950-10000-10050 lev­els next week. Tech­ni­cally, the Nifty is mak­ing a higher close on a qweekly ba­sis thereby mak­ing the up-move strong. The trend could re­verse only on a close below 9775 where-after the mar­ket could turn weak for sell­ing. Among stocks,

In­fosys looks good above Rs.905-910 for up­side lev­els of Rs.930-935 (SL: Rs.900) ICICI Bank looks good above Rs.295-297 for up­side lev­els of Rs.306-310 State Bank of In­dia looks good above Rs.278-280 for up­side lev­els of Rs.290-295 Pun­jab Na­tional Bank looks good above Rs.144 for up­side lev­els of Rs.150-156

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