Last retracement level also almost achieved, Bulls take a breather

After almost vertical rise in markets in the last few days, Bulls took a day off and there were more stock specific moves today. IIP data were good and better than expected, markets almost made a new high after this news but due to profit booking and weak closing of Asian Markets, our markets came sharply down only to bounce back from strong support zone of 4925-4930. Dollar Index has bounced back from 15 month lows and this move lead to stocks paring gains in U.S markets

Nifty View:

Nifty has very strong supports of 4925-4930 and 4860-4870 and is likely to face resistance at 5020 and then 5055. The view almost remains the same as yesterday.

Stocks View:

Amtek Auto: Amtek Auto can give a good bounce back from trendline, if breaks trendline then there is a huge support at 160 odd levels


Stock View: Hoteleela Hotel leela is a buy on dips and as and when it crosses 40-41 with huge volunes and closes above this range, it will show levels of 45-50


Have a nice trading day!!!

Regards

Ankit