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Wednesday 22 May 2013

MARKET OUTLOOK ON 22nd 2013


Uptrend is expected

Continuing with the falling trend over the last two days, Nifty belled the week on a negative note as sell off was witnessed on the very first day of the week, breaking the support level of 6,120. We saw market rebounding after taking support at 6,100 levels to break the important support levels of 6,120 and closed above that level. From here, given the volatility over the past few sessions and global cues playing a major role,
uptrend is expected to continue and volatility may be the order of the day for some more time so, the investors are suggested to trade cautiously. Technically, the trend, which is now up, could test its next major resistances around 6,180-6,200 and if Nifty crosses this level, it can go further up to test 6,300 level. On the downside, the levels of 6,100 will play major supports and a fall below these levels can drag Nifty to 6,040 levels. Correction could be seen in Auto, Banking 
and Reality stocks while buying might witnessed in IT and Commodity stocks.

News To Watch:

1. Coal India shares jump as Q4 profit soars 90 %
2. Nikkei turns up, hits 5-1/2-yr high as retail investors pick up bargains
3. 48 Pvt. Cos. likely to sell shares worth $1.8 bn by June
4. CP rentals up by 12%: Cushman & Wakefield

Stocks with short term Bullish Outlook:

Coal India :S1- 304.68 S2- 301.87 R1- 309.63 R2- 311.77
BHEL :S1- 202.03 S2- 198.07 R1- 208.93 R2- 211.87

Stocks with short term Bearish Outlook:

NTPC : S1- 149.28 S2- 146.27 R1- 157.43 R2- 162.57
Ultratech Cement: S1- 1886.9 S2- 1844.65 R1- 1998.15 R2- 2067.15

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1 comment:

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