In end-of-day chart Nifty formed bullish engulfing. So yesterday's low (5456) will remain as important support for nifty future. Therefore, the important level for today – 5543. Above this level Nifty will move to 5573/5596.

The close above 5490 is positive for Nifty Future, we can keep 5490 as stop-loss for positional long on closing base.

Bank Nifty (refer chart - Bank Nifty)

Similarly Bank Nifty Future also formed bullish engulfing and its yesterday's low is 10760. Above 10980 it will test the levels of 11045 / 11095.

A close above 10860 will be positive sign for bulls, keep thsi as sl for positional long on closing base.

Intra day calls

BHEL
Buy above Rs 1854
Stop loss at Rs 1840
Target price of Rs 1872/1884

Hindalco
Buy at Rs 169.10
Stop loss at Rs 167.70
Target price of Rs 171.20/173.40

Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in the share broking industry. He is a contributing writer for www.www.goodreturns.in. You can contact him at rajeshvravanappan@gmail.com

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