MARKET OUTLOOK
NIFTY (5559): CNX NIFTY made lower low 5477 but recovered smartly to close positive, in the past couple of trading sessions volatility is high with whiplashes of almost 100 odd points during the day. Nifty was highly oversold so a relief rally was on cards as we are in very strong support zone of 5440-5470 and if this rally holds 5650-5720 could be possible before any fresh correction. Nifty for the day has to hold 5520 and cross 5575 to target 5620 & 5665 on higher side while below 5520 then 5480 & 5440 are good support level. Tomorrow we have IIP data & INFY results would be announced with INFY results to be announced before markets open, INFY was at 2322 before result and post results INFY rallied around 29% to make a high of 3009, using options strategies smartly would reduce risk. Our economist expects IIP to contract by 1.8% in Feb'13 due to a drag from electricity and mining production and RBI to cut the repo rate by 25bps on 3 May'13 and continue its liquidity enhancing measures.
SENSEX (18414): Sensex closed higher on a day which was very volatile. Sensex has to hold 18200 on the downside in order to make any up move towards 18600-18650 in the days to come. Sensex has closed positive but has closed below its 200 DMA too. On the other hand, Sensex falling below 18200 can bring in a lot of selling pressure as multiple supports could break if the index doesn't stabilize from current levels.
TECHNICAL CALLS
BUY CORPORATION BANK Rs. 390: CORPBANK has corrected from high of Rs.495 to low of Rs.378 in 57trading days and now looks for a good rally till Rs.413 which is 200DMA or Rs.425 which is 100DMA as good base formation is seen.
BUY DIVISLAB LAB Rs.1030: DIVISLAB after making panic low of Rs.973 has recovered to close around 50DMA Rs.1030 and stock looks very good to target Rs.1100. Stock has corrected from 1234 to 973 and made a strong base to rally 5-6% minimum from current level.
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