MARKET OUTLOOK
NIFTY (5916): CNX Nifty gapped up on Thursday (5844.30-5853.30) and made a higher high and a higher low yesterday too as has been doing the same for the past seven trading sessions. Nifty closed above 5900 suggesting that it has now broken the short term resistance around the psychological 5900 levels. Nifty has closed above all its moving averages after 30 trading sessions and now looks good to target 6000-6100 on the upside and move towards its 52 week high levels. For the day if Nifty crosses 5950 on the upside then a rally towards 5980-6050 cannot be ruled out. Failing to cross 5980 the index could witness some profit booking till 5870-5840 levels and till such time Nifty keeps making higher highs and higher lows, the trend is likely to remain on the upside. May Month derivative contract is bit long with almost 24 trading days so traders should always follow strict stop loss levels and trailing Stop loss levels as we have seen sharp rally in last 7 days.
SENSEX (19407): Sensex closed higher yesterday as traders rolled over their positions from the April, 2013 series to the May, 2013 series. For the day, Sensex holding 19250 on the down side and crossing 19575 on the upside could be a major positive trigger for the index as this could open up possibilities of 19800-19900 in the days to come. On the flip side, the index struggling to hold onto 19250-19230 levels could see some profit taking till 19100-18900 too.
TECHNICAL CALLS
BUY DRREDDY Rs.1992: DRREDDY has made all time high of Rs.2000 crossing previous high of Rs.1970 after gap of 60trading days with very high volume and looks very good to target Rs.2150 & 2300 on higher side. It has been trading above all major moving averages such as 200DMA at Rs.1774, 100DMA at Rs.1858 and 50DMA at Rs.1836. DRREDDY is buy on any dip for 8-10% rally in next 3-4weeks.The stock has taken support at the lower trend line support of the ANDREWS PITCHFORK around 1750 levels.
BUY HINDZINC Rs.118: HINDZINC has closed above its 50DMA Rs.117, and looks very good to target Rs.125 on higher side. Stock 2013 high Rs.143 and has corrected till 2013 low of Rs.106 made on 17th April2013 and now sharp recovery with good volumes are seen suggesting good buying in the stock.
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