Nifty has been grinding in the range of 5110-5197 from last 1 week and slowly the range is getting contracted to 5120 levels.
Today we formed an INSIDE DAY which give an indication of range breakdown from 5010 or breakout above 5132 levels.
Looking at How the Stocks in Mid Caps stock are getting hammered out of shape Like Jet Airways or Any Infra or Real Estate Stock is a grave cause of Concern.
Some How Nifty is hanging Over FMCG stocks like ITC and HUL and ONGC.
Banks have also started to correct and Bank Nifty closes below 10017.
Technically Speaking Nifty is looking Weak and Expiry Pressure can easily Drag the Index below 5000 but we will always trade on our levels.
Buy above 5062 Tgt 5075,51112,5135 and 5156
Sell Below 5010 TGt 4970,4956 and 4917
Tata Motors has been under pressure because of EU crises Jaguar Related operation has been under stress and same is reflected in Stock Price. Tanking from high of 1300 till 800 and Pain is still remaining.
Low of 772 is the short term trendline as shown in chart and break of that can see the Stock tanking till 710 levels.
Indicators are Oversold but Trending Market only Price works nothing else.
Sell below 772 TGt 756,740 and 720
Has the fall done for Reliance the Poster Boy of Nifty,Charts shows the formation of Base from past few trading sessions trading in a tight range of 780-750.
Never try to speculate the Bottom of any stock let the market decide itself and once we get some clarity than take the buy call.
If Nifty has to break 5010 and made a new low Reliance should break 751.
Reliance has a decent support at 707 which can be achieved in panic bottom days.
Till the Gap 791 is not filled no long should be initiated.
Sell below 751 Tgt 745,736 ,721 and 707