NIFTY gains bullish strength

NIFTY gave a tight range lower close today, but volumes show good improvement. Many Indexes has registered double digit volume growth in comparison to previous session. Daily chart of NIFTY has gained further strength, as the Daily MACD turns bullish again. What does this tell? The uptrend is likely to continue for some more

Another value long trade on the hourly chart, while daily position remains intact. As weekly charts are still bearish, first weakness on the Daily chart should be used to exit longs. Though Weekly is bearish, there is signal to go short now. On weakness NIFTY is likely to find support at 5265-5185 levels. The Value zone has got widened considerably.

After the retracement, trade long on uptick. Target exits are advisable on NIFTY, as there is inherent weakness getting built up in the longer timeframes. Once 5390 gets cleared decisively, there is all likeliness of NIFTY reaching 5550 levels. This needs great strength on next moves.

CONSUMER Services sector performed strong today, it was pulled up by Hotels and Retail Industry groups. Both these industry groups are retracing bearish divergence on weekly charts, while the current uptrend is not yet complete. Chances of trading long here is restricted.

TECHNOLOGY Sector was the weakest, it also showed in volumes. The only Index in the NSE stable to register lower volumes today. On the NIFTY taking a 'U' turn, the leader to drag it down will be TECHNOLOGY sector. All long trades in this se tor of Industries may be tightened and kept on close watch for suitable exits.

HEALTHCARE Sector followed at 2^nd lowest. There are opportunities to be looked at in this sector. CADILA, APOLLO HOSPITALS, FORTIS and SUNPHARMA all look great. Put them in your watch list & have close scrutiny for a long entry.

Shipping Industry group was the outperformer today with an above 4% gains on its index. ESSAR SHIPPING being the star performer with an above 12% gains today.

All our recommended open long position have favored well today. BHARTI has regained bullish strength and is now a pullback buy candidate.