Awesome Q2 GDP data, Nifty holds 5000

Q2 GDP of India grew by 7.9% way above expectations, now there are talks going on for revised GDP target for the whole year which is right now at 6.5%. Stock markets which were languishing below 5000 level gave this news an instant thumbs up and went on to hit an high of 5066

Nifty View:

Nifty will face resistance at 5060 & 5110 and the supports are placed at 4980 & 4945.The following red arrows shows the projected market movement in coming days, a correction upto 4770 can not be ruled out. Corrections should be used by mid term investors to buy


Stock View: Geodesic

The stock was down from 140 odd levels to 90 levels, it has bounced back from very strong support levels of 90. The stock can show retracement upto the following level:
24% retracement - 101.8 ( already done )
38.2 % retracement - 109.1
50% retracement - 115
61.8% retracement -121




Stock View: Niit Tech


The stock is about to make a fresh breakout above 165, only huge volume is needed for the breakout. The stock tried for the breakout yesterday also but it did not happen even today, it may happen tomorrow so watch it closely




Have nice trading day

Regards

Ankit