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Saturday, 15 February 2014

Nifty February 2014 analysis forecast for 17 feb 2014 - 14 feb 2014


Nifty analysis for 14th Feb 2014

After falling on 13th Feb 2014 Nifty found some ground and holds the low of 5980. IT index was used to keep Nifty afloat.  Volatility drifted further lower and VIX now stand at 16.66. Our strategy to trade range-bound worked very well as Nifty maintained the levels as discussed in previous report .

FII and DII both sold equities worth less than 100 Cr each. This was quite un-usual as Nifty closed 47 points higher and none of them was net buyer. Though FIIs in derivative front continued their stock future buying spree and after yesterday's buying, their total stock futures buying now stands at 1722.79 Cr but their index futures figure is still negative at -2500 Cr. 

SBI (State Bank Of India) after dismal performance in quarterly results closed around 2% lower putting pressure on BankNifty. But still BankNifty managed to close 68 points higher.

Infosys now have skipped 3527 break down and looking good.

Technically things are now favoring bulls with Nifty forming double bottom at 5980, and time is also favorable as we are in buying time zone as discussed in our forecast report :

Stock Ideas updates 

ITC, SAIL have stopped out. UNITECH, HDIL should move higher from here on as Nifty has corrected on 13th Feb 2014.

LT and ICICIBANK are looking good and can be holded safely till 19th Feb 2014 as discussed in earlier reports.

Trade updates

Today as discussed in previous report we went for bottom hunting and bought Nifty at 5993 spot and Nifty just missed our target of 6040 and gave us a chance to revise target. 

We are taking trades based on our Time & Technical understanding and strictly according to our time forecast. Timing is the key to success in stock market trading.

Nifty forecast for 17th Feb 2014

Nifty is likely to move towards 6100, 6120 with strong global cues and strong overnight US markets should help it scale 6100+ levels quite convincingly. Focus on buying only.

Advice for trades

Traders can buy Nifty for targets of 6100, 6120. Just in case of any weakness remember that 6040 is the key level for upside movement. If Nifty looks like closing at high point of the day make sure to avoid any overnight position and if above targets are achieved then exit and wait for next day.

Anjum S Khan