MARKET OUTLOOK
NIFTY (5495) : CNX Nifty corrected from a high of 5603 to low of 5487 and closed lowest in 140 trading days, now 5441 & 5282 are levels to watch on downside and Nifty has been below its 200 DMA 5645 for 4th day while 200 Week M.A 5329 would be the major support if correction continues till those levels. For the day, Nifty has to sustain 5470 on the down side and cross 5550 on the upside, to target 5590 & 5645 while below 5470 then 5425 & 5380 are possible levels on downside. Nifty has to hold 5440-5480 zone which happens to be a very important support and if t hese levels are held then sharp bounce can be expected and on closing basis 5550 should also be crossed. INFY Rs.2766, had made Irregular double top on monthly, weekly & daily basis around 3009 high of 7th March and 2999 high of 3rd April and made low in 38 trading days now Rs.2660 or 2550 are important supports as weakness still prevails ahead of results on 12th April. FIIs were observed to be selling in both , Equity & Debt in last 5-6 days Post Cyprus Deposit on tax raised many questions and if this outflow continues it would be negative for large cap stocks and could weaken Rupee. RELIANCE IND has encountered natural gas in the first exploration well in more than five years, The MJ-1 exploration well on the Dhirubhai-1 and 3 gas fields in the KG-DWN-98/3 or KG-D6 block has sniffed natural gas while drilling.
SENSEX (18226): Sensex closed lowest in 140 trading days and marked its lowest in 30weeks or 7 Months and partially closed Gap-up (18062-18206) made on 14th September2012. Sensex has also closed below 200DMA 18619 for 4th day in succession and 200 Week M.A 17722 would become major support. For the day Sensex has to hold 18200 and cross 18400 to target 18535 & 18650 on higher side, while below 18200 the gap levels 18062 & 17867 would get filled.
TECHNICAL CALLS
BUY SPECIALITY Rs. 175: SPECIALITY has made Cup & Handle formation and now the target for the same can be Rs.195 on higher side as the stock has closed highest in 48 trading days. SPECIALITY trades above 100 DMA Rs.172 and 50DMA Rs.176 while just below 200 DMA Rs.178.
SELL DENABANK Rs.86.60: DENABANK has closed lowest in 146 trading days and looks weak can target Rs.82-80 on lower side, stock in last 26 trading days has made congestion and also made M-shape break-down. Stock trades below 200 Week M.A Rs.89.9, 200 DMA Rs.102, 100 DMA Rs.106 and 50 DMA Rs.97.
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