On Wednesday, Nifty may open on positive note. On Tuesday, Nifty showed strength above 5,600 level and closed on a strong note. However, short term resistance is at 5,630-5,655 level. Nifty is trading in 5,500-5,650 range for last few days. Volatility may be continuing in this range. For daily purpose, trend deciding level is at 5,650 .If Nifty shows strength above 5,650 levels, then rally to 5,700/5,750 levels may be seen. If Nifty does not show strength above 5,650 levels then selling pressure till 5,550/5,500/5,450 may also be see.
Techno-funda call:
Buy Indo Rama Synthetics (India) around Rs 47.3 for target of Rs 54 (Timehorizon: 1-45 days) and stop loss of Rs 44.
Buy Bajaj FinServ with a target price of Rs 593 as against the market price (CMP) of Rs 539.
Buy IDBI Bank with a target price of Rs 176 as against the market price (CMP) of Rs 135.
Accumulate on Tata Consultancy Services (TCS) with a target price of Rs 1,290 as against the current market price (CMP) of Rs 1,123.
