MARKET OUTLOOK
NIFTY (5837): CNX Nifty made double top 5844 but managed to close marginally higher on a day where Nifty traded mostly negative ahead of the expiry for the month of April 2013, crossing 5845 then 5950 on higher side opens. Today Nifty crossing 5845 is important for targeting 5914 & 5950 on higher side while failing to cross 5810 then important support comes around 5765 & 5710 today derivative settlement would keep market volatile. Global markets have been positive and SGX Nifty pointing to higher opening and Monsoon announcement likely today could keep market buoyant. Nifty has rallied from 5477 to 5844 almost 367Points in 8trading session, so if we don't cross 5864 on closing basis then caution is advised. Nifty is trading above 200DMA 5667 & 50DMA 5765 while marginally below 100DMA 5861.
SENSEX (19179): Sensex closed a flat after a tough day of trade on Tuesday. Today Sensex has to cross 19250 on a closing basis to support the ongoing uptrend in the short term. Failing to cross 19250 and drifting below 19040 could spell trouble for the index as people trapped on the long side would try to liquidate their positions to avert losses, as the derivatives contracts expire today.
TECHNICAL CALLS
BUY JKCEMENT Rs.259: After correcting from 369 to 242 levels the stock has formed a solid base around the 240-250 zone. Now the stock looks ready to take off towards its previous highs as there is an evident trend reversal in the stock as it is a falling trend line breakout candidate and could surpass 280-285 levels in the days to come.
BUY TALWALKARS Rs.146 : TALWALKARS has closed above its 20 DMA levels at 141.60 levels and now the stock looks good to rally towards 180 in the days to come. The stock has seen some accumulation from lower levels with good volumes in the recent past. The stock clearing the 50 DMA at 154 levels can rally smartly towards the mentioned target levels soon.
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