NIFTY reverses as expected. Likely to make fresh lifetime highs this week.

NIFTY reverses as expected. Likely to make fresh lifetime highs this week.

NIFTY had reversed after a close above 10100 and has rallied towards 10350 and is facing small resistance on the upside. Technically NIFTY has a potential to make fresh 52 week highs with support from Global market.

NIFTY likely to top closer to 10550-10600 on downside, 10280-10320 is acting as good support.

As expected RIL, TVS Motors, UPL, HPCL, Metals, PSU stocks, Autos have participated in the recovery.

We were also positive on Small cap index, Small cap is up 5% from bottom and has upside potential of another 5% technically.

Reference call:

NIFTY enters accumulation zone. Likely to reverse. Avoid Panic selling.

source http://gale.in/nifty-reverses-as-expected-likely-to-make-fresh-lifetime-highs-this-week/