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Wednesday, 28 December 2016

NIFTY ENTERS POSITIVE TREND, GO LONG AT DIPS

"BUY ZEEL ABOVE 451 TGT 460/466 SL 438"
The Sensex ended with a mere loss of three points at 26,211. The Sensex opened at 26,243 touched an intra-day high of 26,415 and low of 26,192. The Nifty closed with a marginal gain of two points at 8,035. The Nifty opened at 8,048 hitting a high of 8,101 and low of 8,028.The Sensex, Nifty closed flat after paring all of their intraday gains in the last hour of trade dragged lower by a sell-off in oil and gas companies on Wednesday and ahead of the expiry of futures and options contracts of the December series due tomorrow. Weak global cues and a weak rupee dampened the sentiment. 
                                               Technically, Traders can go long at every dip in the market with strict stoploss at 7893 levels on closing basis. Traders should note that this positive rally is for very short term but for now traders can go long at every dip in the market until market again see reversal. On the other hand, if the nifty reverses lower from 8,120 a corrective fall to 8,160 or 8,150 is possible.  and downside be alert below 7990 and avoid all longs below that level as selling may intensify below that level. The support for the Nifty is 7993-7970-7897-7800 and the resistance to the up move is at 8053-8079-8105-8154 levels.
TOP GAINERS:  Bharti Infratel, Coal India, Idea Cellular, IndusInd Bank, Tech Mahindra
TOP LOSERS:  Tata Motors DVR, Yes Bank, Reliance Industries, Hero MotoCorp, Ambuja 

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