Niks Trade :{Stockswing}

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Up moves were met with profit-booking and lacked convincing market internals. A spike above 4252-4255 was hardly convincing and consequently short-lived. Pull-backs were used to go long, with 4224 again displaying its critical significance – the intra-day low was
4226.30. Subsequent up moves kept fizzling out right at the resistance level of 4252-4255.
The futures need to convincingly breach and sustain above 4252-4255 intra-day, else they will come under selling pressure. Downsides however are limited by short-covering and adventurous intra-day buying; not to mention players feeling left out on the rallies and on the
lookout for pull-backs to establish positions. Volatility increased on Friday and should be expected to be on the rise headed into
expiration.

The trend changes only when the futures are able to breach and close above 4278 -4282. As I mentioned in Friday’s report, a breach of this level will see a good combo of momentum buying and short-covering, making the futures spike sharply and target all-time highs.
4224 is very good support and has amply demonstrated that for three consecutive sessions. Below 4224, there is good support at 4208 and the two congestion zones of 4295 and 4284-4288.

STOCKS(TILL XPIRY)

RELIANCE INDUSTRIES

INDIAN HOTEL

DIVISLAB

RELIANCE CAPITAL /RELIANCE ENERGY

INDIA INFOLINE

APIL

GREAT OFFSHORE

GOOD BREKOUT EXPECTED IN ALL ABOVE

Positional Call :-JULY 07

RELIANCE INDUSTRIES 1770 CALL / 1800 CALL

RELIANCE ENERGY 600 CALL

RELIANCE CAPITAL 1110 CALL

BANK OF INDIA 220 CALL

NIFTY 4300 CALL JULY

TARGET : 40-80% UPSIDE FROM Current Price