Finally after a long wait Nifty finally broke 5180 and touched a new high of 5197.9

After waiting for almost 20 months, Bulls got to see the level of 5200 ( at least on Nifty futures :P ). As expected and posted on Thursday, Nifty exactly took support from around 5125 levels. Now the last thing that bulls need to conquer is a closing above 5200-5210 which if done can take Nifty higher to 5350-5400 levels. Meanwhile we can see all those Midcaps that gave breakout last time but could not achieve targets ( due to lack of support from Nifty ) to achieve targets now.


Nifty View:

The graph says it all.. Its a 2 year chart of Nifty where red line shows the key resistance level which if Nifty crosses and gives a sustained closing above it then the next target would be the upper end ( 5400 )of the parallel channel. the major support lies now at 4850-4900.



Stock View: Ushamartin


Stock is unable to cross 80-82 supply zone since last 3 months. For the past few days it has seen a revived interest with huge volumes( see orange circle ). Buy USHAMART at the current levels or on closing above 82 for target of 89 and 95. Stoploss would be 70 on closing basis.



Have a nice trading day

Regards

Ankit