Market Outlook
NIFTY (5688): CNX NIFTY was range bound and closed flat after 250points rally from lower levels if Nifty fails to cross 5750 on closing basis then this rally can fizzle out, as we ahead towards extended weekend and Settlement just 4days away. For the day nifty has to hold onto the 5660 and cross 5735 to target 5780 on higher side while below 5660 then 5600 & 5570 would be levels to watch. Results season has started on mixed note with YESBANK, TCS and HCLTECH reporting good results but all positive are already built in so some profit booking possible. Crude has been correcting which is positive for Oil Marketing companies and stocks like CASTROL, SINTEX, VIPIND and lower Crude is very positive for Indian Economy with a lag impact. Global currency are very volatile normally it is observed when selling is seen across most of asset classes trader should follow strict stop loss as Month of May has normally been negative month. RELIANCE Rs.773 Below Rs.760 Caution advised as stock would break-down from Multiple support.
SENSEX (18731): Sensex closed marginally negative, after 3days sharp rally from low of 18144 to 18869 almost 725Points rally. Sensex has to cross and close above 18930 for the rally to continue till 19200 and below 18600 then correction below 18k becomes possibility as Results season and Parliament starting on 22nd would keep market volatile. Today Sensex has to hold 18650 and cross18870 to target 18950 & 19040 on higher side, while below 18650 then 18510 & 18420 on downside becomes possible.
TECHNICAL CALLS
BUY CASTROL Rs. 310: CASTROL has made higher low and now higher high should take the stock above Rs.335 in near term as stock has take strong support around 200DMA Rs.301 & 100DMA Rs.307 levels. Stock all time high is Rs.339 and if that is crossed then stock can rally till 375 also on higher side.
BUY CADILA Rs.752 : CADILA has formed a good bottom formation now stock looks very good to target Rs.800 on higher side stock trades below major averages 200DMA Rs.833 & 100DMA Rs.811 which can also become target. Stock for last 45trading days has been consolidating around 720-760 levels making a strong base after correcting from Rs.975 highs.
No comments:
Post a Comment