MARKET OUTLOOK
NIFTY (5659): Nifty closed lowest in 81 trading day's by closing the Gap-up created on 27th November 2012 and now below 5645,the Nifty could drift to 5548 & 5490 which could be next possible levels. Nifty after making higher high failed to hold higher levels saw sell-off in Cements, Power sector stocks, PSUBANKS, Capital Goods and Auto stocks. Nifty is already down -3.6% in this week while 9 Stocks down more than 9% down ACC, AMBUJACEM, BANKBARODA, BHEL, DLF, IDFC, JPASSOCIATE, RELINFRA and PNB while heavy weights like MARUTI, L&T, BPCL, HINDALCO, SESAGOA, TATAPOWER, TATASTEEL, COALINDIA, ONGC are down 6-8% with one more day for the week to go. Today Nifty has to hold 5645 and cross 5700 to Target 5750 & 5775 while any move below 5645 then 5590 & 5548 would be very important. Nifty is in very crucial support 5629 which is High of February 2012, 5647 is low of 2013 and low of 4months, and 5599 is 38.2% retracement for Nifty's entire move from 4770 to 6111.80. So for the Nifty 5590-5663 is very crucial in days and week to come. Oil Companies like ONGC, OIL, IOC, BPCL, HPCL are seeing pressure the reason being the hiking Diesel prices post fluid political condition would become dif ficult.
SENSEX (18793): Sensex closed lowest in 81 trading days as the Gap-up Made on 27th November 2012 still remains pending to be filled . Sensex for the day has hold 18750 and cross 18900 to target 19025 & 19140, Now for the Sensex, a close above 19140 is required for any fresh rally to begin from here on. Sensex failing to hold 18740 or slipping below the said level can see sustained selling pressure till 18620-18535 on the downside. Sensex is trading below its 100DMA 19329, 50DMA 19552 and 20 DMA 19225 while 200DMA 18515 is very important level to be watched out for in any correction.
TECHNICAL CALLS
BUY BAYERCROP Rs.1101: The stock has made irregular bottom between 1st March ,2013 with the low being 1040 and 21st March's low at 1057 ,almost taking 200 DMA Support on both occasions . BAYERCROP crossing 1120 then Rs.1185 & Rs.1220 are possible target on the stock which is safe bet in volatile market holds good value for long-term investor.
SELL TATAPOWER Rs.94: The stock has made a Dead Cross, where 200DMA Rs.101 is cut by 50DMA Rs.100 from the above post which the stock has already corrected 6.9% this week and stock looks very weak to target Rs.85 on lower side. TATAPOWER is trading below all major averages 200DMA Rs.101, 100DMA Rs.103 and 50DMA Rs.100. Stock on weekly charts has broken major support now near 41 weeks lowest close.
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