#thestocktalk - January 16, 2014

Cnx Nifty faced resistance at discussed levels of 6320 - 6330 levels and closed at 6318. Though it failed to breakout to the upside above the resistance levels, it made sure, that it did not slip below the 6300 levels which shall clarify a bullish trend with buy on dips strategy across all large cap and mid cap stocks. On the banking side, bank nifty continued to show the bullish spark, however some selling pressure due to profit booking was witnessed. Stocks or the sectors to watch out are IT & Telecom and keep a keen eye on Reliance which has formed a W formation on technical canvas. Stay away from financial / banking sector until further clarification. Lemme tell you, if nifty has to break the significant level of 6320-6330, banking sector has to give its full support !!

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