Market Outlook:
S&P CNX managed to close above 5000 mark for 4th day in succession after remarkable recovery from lower level after breaking. Nifty intraday important support would be 5010 while 5125 would be resistance on higher side. Market to show any major strength should cross the 5150 levels on closing basis for 2-3days for short term rally. Bear market rallies are fast, swift and takes everyone by surprise before they fizzle out timing is a big problem, confirmation would come once it fails to hold certain important support levels with 4900 in Nifty and 16300 in Sensex would be important trend reversal levels to watch. Nifty 200WMA 4823 is very crucial support and if we break and close below that Indian market could see fastest correction in shortest time period as in last 9months correction has been slow to erode wealth.
§ Sensex- has held 16440 and didn't break and a smart rally gave 12 trading days highest close and now 16995 is important level crossing which 17355 can also be target. Till Sensex can hold 16440 market would be range bound to positive.
Technical Calls:
CROMPTON GREAVES Cmp Rs.150, Stock has made good bottom formation with irregular double bottom and now trading above short term average 20DMA Rs.145 and in short term Rs.160 & 175 can be possible target. This stock if sustains above Rs.154 can see a sharp move.
ESCORTS Cmp Rs.72 has closed @ 14trading days high on higher volumes and also hit 20DMA Rs.72. Stock is showing short term bottom formation where a rally of 10-12% minimum becomes possible for short term. Stock on higher side has strong resistance around Rs.85-88 levels.
Technical View: : JKCEMENT Cmp Rs.111, Stock has formed made good bottom formation in last 4months and last 16weeks now the stock is near major resistance of 100DMA Rs.111 and falling trend line which connects October/2010 high. Now if the stock can sustain present levels Rs.120-125 could be possible target in short term.
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