Nifty on verge of breaking 4300

The Nifty opened on a flat to positive note and traded with high volatility in today's session. In the last hour it picked up momentum to close at an all-time high of 4293.
The index is now on the verge of breaking the psychological level of 4300 after which it should target our short-term target of 4320-4350 levels on the upside. In the short
term, only on breaching and sustaining above 4300, can one expect any major upside that can lead the market to 4320-4350 levels. So tomorrow's session would be
crucial for the index, which shall have to sustain above 4300.

The Nifty could again go into consolidation mode if it maintains below 4300. On any intra-day dip the Nifty should find strong support at 4270 and below that at its
10-day moving average, which is at 4240. On the momentum indicators, KST, which had shown a sell signal yesterday, showed a convergence today. Once the Nifty
crosses the 4300 mark, KST could again whipsaw into buy mode. As long as the Nifty is maintained above 4220 on a closing basis, our bias remains up with short-term target of 4320 and medium-term target of 4350.

Intra-day or on hourly chart, the Nifty made a new high of 4299 and even closed at an all-time high. On intra-day chart, the Nifty is trading in a broader channel and is
waiting to cross the 4300 level. Once it crosses and sustains at that level, it can target 4320 to 4350 in the short term. On the downside, on any intra-day consolidation it should find strong support at its 10-hour moving average and 20-hour moving average, which are at 4273 and 4246 respectively. These support levels should
be considered as buying opportunities with reversal point of 4220 and target of 4320.
Godrej Consumers can test Rs150 with support at Rs140. UTI Bank looks good and should test Rs575 with support at Rs550. OBC is at its support level of Rs228 and can
test Rs240 in the short term.


UltraTech Cement–Buy
CMP: Rs816.1
Buy UltraTech Cement at the current market price of Rs816.10
with a stop loss of Rs754.4 for the target of Rs1,034. The
stock has completed a triangular consolidation and next move
should be swift.