'NSE Nifty is still looking bullish'

Updated: Jan 24 2014, 23:19pm hrs
NSE NiftyNSE Nifty traded in red on the last trading session.
The Indian equity benchmark index NSE Nifty retested the crucial 6,300 levels on week's last trading session and reversed. NSE Nifty traded in red on the last trading session amid weak global cues Nifty Jan fut gave weekly closing on a flat note at 6277 and 30 share index Sensex closed at 21141 with moderate gains.

Overall trend of Nifty is still looking bullish on chart trading above 200 & 50 days MA with an RSI of 50, if it manages to cross its next resistance mark of 6370 further upward movement can be expected & traders can also expect a target of 6420 & 6480 in near term; while on down side it has good support of 6240 only below this level further shorts can be seen.

Stocks to watch:

COALINDIA FUT:- Technically stock is looking very weak on chart, it is sustaining below its falling trendline if it manages to sustain below this trendline steep fall can be expected. If it breaches the support level of 258.70. Thus one can go for sell position in COALINDIA FUT below the level of 258.70 for tgts of 254

DISH FUT:- Stock is in recovery phase, it is sustaining very well sustaining below its falling trendline and consolidating with positive biasness if it manages to cross its resistance level of 50.20 upward movement can be expected. Thus one can take fresh long positions above the levels of 50.20 for tgts of 51 and sl of 49.70

By Vivek Gupta, Director Research, CapitalVia Global Research Limited

NOTE: The views expressed are those of the author