MARKET OUTLOOK
NIFTY (5545) : CNX Nifty traded in a narrow range and made an inside day trading within previous day's range so till 5590 on higher side or 5520 on lower side is not breached no major move expected till INFOSYS announces its result on 12th March,2013. Monday witnessed selling pressure in index heavyweights mainly Banking led by AXISBANK, PNB, BANKBARODA on the other hand stocks like ITC, TCS, INFY saw profit booking ahead of INFY Result. For the day, Nifty has to sustain 5530 on the down side and cross 5590 on the upside. Till the time Nifty doesn't make an attempt to cross 5590 on a closing basis, pessimism is here to stay. On the down side nifty has good support at 5500-5480 le vels, and till Nifty remains above these levels a possibility of a pullback cannot be ruled out. TVS MOTORS Rs.39 has rallied 23% this month with Bullish Run-away Gap(32.10-33.50) made on 3rd April and follow Gap-up(36.8-37) this indicate stock is in bull grip soon we might see levels of Rs.46-50 any dip would qualify for buy. TVS Motor and BMW Motorrad (an integral part of the BMW Group) have signed a long-awaited cooperation agreement. Monsoon forecast official release is awaited post 10th April and as per early indication India is likely to get normal monsoon rains this year Positive for FMCG, Fertilizer and Agriculture linked stocks RALLIS, GSFC, COROMANDEL, TATACHEM, BAYERCORP, HUL, EMAMI, TATACOFFEE, JAYSREE TEA are few stocks to watch.
SENSEX (18 441): Sensex closed below 200DMA for the third day in succession thereby closing lowest in as many as 95 trading days. Sensex for the day has to cross 18550 and sustain 18360 on the downside in order to make any possible attempts to move towards 18650 - 18720 in the days to come. Sensex failing to hold onto current levels and sliding below 18400 could spell real trouble for the index as it would open up 18100 -18020 levels. Sensex has given a clear breakdown from the 38.2% retracement and now looks weak to slide towards 18000.
TECHNICAL CALLS
BUY GODREJ INDS Rs. 295: GODREJ INDUSTRIES is making a bullish inverted head and shoulder pattern on daily charts. The stock after making a recent high of Rs.309 has corrected to 290 odd levels and a strong pullback in the stock cannot be ruled out. The stock has witnessed decent volumes in the past few days and is also trading above its 200 DMA at 283.50.
BUY HINDUNILEVER Rs.477: HUL has closed highest in 52trading days breaking Bullish Inv.Head & Shoulder formation on closing basis where target on higher side could be 520 in next few weeks. HINDUSTAN UNILEVER'S 52 trading days high is Rs.481.8 crossing which the up-move would be very fast, stock is trading above 50DMA Rs.460 while below 200DMA Rs.499.
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