Nifty went past resistance level of 4930-4950 but could not sustain above those levels.Nifty is likely to consolidate here before making an upmove .Top made on Friday at 4992
happens to be a key resistance level as it forms the 50 % retracement of the down fall from 5310 to 4673.Above this we may test 5068 which forms the 61.8% retracement level.Till
now traders can take long positions with stop loss at 4829 .If Nifty closes below this level we may test 200(DMA ) around 4750 and then 4673-4550.

Stock of the Week:

HINDALCO
Closing price: 162.45
Recommendation: Buy on dips
Target: 180
Stop Loss: closing below 151.90

HINDALCO has closed above resistance level of 159 from where it can start its new up move. Hence ,we recommend to buy the stock on dips for a Target of 180 with stop loss below
151.90 on closing basis.

EetQUITIESrecommend to

SCRIP NAME    LASTCLOSE  TREND   OUTLOOK

CANARA BANK     393     UP     Buy above 397,Target
                                               413-430,SL 379.90
PIRHEALTH          397     UP     Buy on dips ,Target
                                               450,SL 365.90
ICICIBANK          872     UP     Buy around 860,Target
                                               950,SL 824.90
SESA GOA           400     UP     Buy on dips ,Target 425-
                                               450,SL 367.90