MARKET OUTLOOK
Nifty (5748): CNX Nifty closed higher for the fourth consecutive day as support based buying was witnessed from lower levels and till 5700 is held on lower side 5788 & 5831 could be possible levels with RELIANCE, RELINFRA, RELCAPITAL and RCOM in focus. RELIANCE telecom unit Reliance Jlo Infocomm and Reliance Communications announced the signing of a definitive agreement for approx. Rs 1200 crore as one time indefeasible right to use (IRU) fees for sharing nationwide intercity fiber optic network infrastructure. For the day Nifty has hold 5725 and cross 5760 to target 5788 & 5831, in case 5765 fails to cross and below 5725 then selling pressure till 5680 & 5650 is possibility after 4days of rally. Pharma stocks were in demand with SUNPHARMA and LUPIN making all time high while DIVISLAB, GLENMARK and DRREDDY gaining. DRREDDY Rs.1839 has closed highest in 30trading session and looks very good to cross Rs.1970 which is all time high.
SENSEX (19041): Sensex closed positive on Tuesday after two weeks, which is slightly positive for the index. Sensex for the day has to cross 19150 and sustain 18940 in order to make any attempts to move above 19300-19500 in the day s to come. Sensex failing to hold onto current levels and sliding below the crucial pivot support 18940 then correction till 18600-18700 levels.
TECHNICAL CALLS
BUY NAVNEET PUBLICATIONS Rs.60 : NAVNEET has been making higher highs and higher lows for the past three consecutive trading sessions. The stock has probably formed a temporary bottom and is now looking good to give a falling trend line breakout above 61 levels. The stock has witnessed decent volumes in the past few days and the stock looks well poised for an up move of at least 8-10 % on the upside. The stock is also one of our value picks for an upside target of Rs.75 in the long term.
BUY RELIANCE INFRASTRUCTURE Rs.352: RELINFRA stock has corrected from Rs.572 to a low of Rs.315 where stock has corrected 37% last Quarter and post exit from Nifty on 1st April stock is seeing good buying. Now 23.6% retracement comes around Rs.375 and 38.2% is Rs.413. RELINFRA is an oversold stock which can see value buying and short covering could give reasonable rally.
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