MARKET OUTLOOK
NIFTY (6107): CNX Nifty made a high above 6111.80, by marking its new high for the CY2013 at 6114.55 which is also the highest level touched by the index in as many as 28months, and closed highest in 131 weeks too. Nifty is in its lifetime high territory on Weekly closing basis ,where it has closed above 6100 for 6th time which gives more reasons for 6357 all time high to be crossed and taken apart. For the day Nifty holding 6080 is important to target 6165 & 6200, while Nifty below 6080 could have chances of correcting below 6040 and can take support around 6020. DRREDDY R s.2091, has gapped-up(2029-2042) and made all time high Rs.2108 ahead of results on 14/May stock looks very good for 5-8% returns on higher side. YESBANK Rs.512 has closed highest in 59trading days and now all time high Rs.545 could be potential target in days to come. Market is on verge of major bull rally with political uncertainty being the only risk, so if fluid political conditions don't disturb the markets then Nifty crossing its all time high levels at 6357 in next few months could be possible once we see close above 6130.
SENSEX (20122): Sensex has closed highest in 123 weeks and 20203-20260 are important levels to be crossed with 19850 becoming very important support in short term. Today Sensex holding 20045 and crossing 20150 could possibly give an up move till 20203 & 20325 are possible levels on higher side while the index drifting below 19995 could open up gap levels on the down side and 19694 can be retested.
TECHNICAL CALLS
BUY ICICIBANK Rs.1168: ICICI BANK has made a pole and flag formation on daily charts, and within the flag the stock has formed an inverted head and shoulder pattern which suggests that there is more upside to be seen in the stock in the days to come, the stock's double top is at around Rs.1188 ,which if crossed could take the stock to its next levels on the upside at Rs.1230 & Rs.1280 which could be potential targets for the stock. ICICI BANK is trading above 200DMA Rs.1067, 100DMA Rs.1119 and 50DMA Rs.1083.
BUY BAYERCROP Rs.1213: BAYERCROP after making all time high of Rs.1340 has corrected to low of Rs.1040 and has almost consolidated for 22weeks and now given triangle break-out and closed highest in 16weeks and all to cross all time high. The stock is trading above all major moving averages with the 200DMA at Rs.1108, 100DMA at Rs.1165 and 50DMA at Rs.1129.
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