1. Cadila Healthcare Target Rs 870

2. Hotel Leela Target Rs 17

3. IFCI Target Rs 28

Nifty will find resistance at 6, 040 (50 DMA) and 20 DMA (6, 150). On downside Nifty will find support at 5, 860 (200 DMA). It is important for Nifty to sustain above 6, 200 for bullish trend. Oscillator suggests some upside as 14 Day RSI is at 29.

5 DMA – 6, 101

20 DMA – 6, 150

50 DMA – 6, 037

200 DMA – 5, 862

14 Day RSI – 29

Volatility expected during the week as F&O expiry is in this week.

CONCLUSION:
We expect market to trade in the range. Volume has dried up at this level, indicating lack of confidence from either bull or bear. Market can either way in short term just on technical basis. But in medium term we expect downside is imminent. Market is being driven by the liquidity and easy money. We expect US Fed tapering could happen anytime next year will send EM down. So we are taking a conservative approach. Currency market needs to closely tracked.

S3    S2    S1    NIFTY    R1    R2    R3
5, 860    5, 910    5, 960    5, 995    6, 040    6, 100    6, 150

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