NSE Nifty may continue its upside rally: Nifty May futures is looking bullish on chart but rather than buy on every high traders should adopt buy on dip strategy, Nifty has a strong and immediate support of 6680; so one can buy Nifty May Futures if it comes around 6700 for the target of 6900.
Open Interest Analysis:-Maximum open interest is seen in 7000 Call option followed by 6800 call, in near term 7000 can act as a good resistance level. While 6500 & 6800 Puts added highest open interest; which clearly indicates 6500 as a strong & major support level.
Derivative Trend- Long build up- Jain Irrigation, Unitech, Reliance Infra & Adanient. Short build up-Hexaware, Jindal Steel,Tata Steel & Siemens.
The stock is trading in bullish trend. Currently it is sustaining above its 200 days moving averages with the RSI of 54, which indicates that further buying can be expected in the stock. One may take long position in the stock above the resistance level of 1467 , for the targets of 1539 . Support for the stock is at 1394, which act as a stop loss for the stock.
COX & KINGS: BUY
The major trend of the stock is bullish. It has given breakout of the falling trend line and managed to close in green. It is trading above its 50 and 200 days moving averages with the RSI of 55. Further the stock is likely to continue its bull run above the resistance level of 160, Traders can get the targets of 164,168 in stock. Stop loss for the stock is at 156.
The stock is consolidating on charts with the positive bias. It is likely to move upside with the crossing of its resistance mark of 133 as the stock is trading above its 50 and 200 days moving averages. It is trading with the RSI of 60. One can initiate the long position above the resistance mark for the target of 137 ,for which one has to keep stop loss of 129.
The stock is trading in short term upside rally. Further the stock is managing to close in green from the past few trading session. It is trading above its 50 and 200 days moving averages and taking support of the trend line at the level of 308. It is trading with the RSI of 58 which indicates the strength in