Breaks out above 5080, eyeing 5180 in 2-3 sessions

It seems 5180 is the last hurdle for bulls, after that is achieved u can see levels of 5250-5300 in extreme short term. Telecom stocks were beaten today on fresh concerns over intensifying tariff war between the operators. Tata Docomo and MTS are the two operators that are responsible for this intensification as MTS has introduced half paise per second billing and Tata Docomo has taken its 1 paisa/ sec plan to roaming also, an area where operators earlier earned good margins


Nifty View:

Perfect parallel channel seen on charts of Nifty, the targets for this perfect channel are 5250-5300. Only one level that can cause any hindrance to this rally can be a sort of Double top Formation around levels of 5180. If Bulls managed to close above this level then expect Nifty heading towards upper end of channel.


Stock View: NIITLTD Since July stock is trading in a parallel channel ( read between 2 black lines ) which has supports at 55-56 i.e at the lower end of channel and potential to go upto 80 i.e. upper end of a channel. Once the stock moves out of converging two red lines and breaks out with volumes then only we can see upper end of channel.. The stock needs to trade above 67.5 with huge volumes.



Have a nice trading day!

Regards

Ankit