MARKET OUTLOOK
It looked like another nothing day as market moved aimlessly in the early trades. Bharti remained under
severe pressure as stock witnessed another down day amidst huge volumes. Buy some buying was seen in
certain heavyweights that later spread to most of the heavyweights. Ranbaxy was the star performer amongst
the index stocks as it zoomed higher by around 8%. IT heavyweights also were on the buying list as stocks
like Infosys, TCS and Wipro moved higher. Cement counters saw strong momentum in the afternoon trades.
ACC, Ultratech and Ambuja Cement were up by more than 4% each. Other smart gainers included Jain
Irrigation, Punj Lloyd, Nalco, Century, BEL, Central bank, Hindalco and Bharat Forge. Amongst the
prominent losers were Bharti, HCC, Colgate and Glaxo. Nifty finally managed to close beyond 4840 as it
finished the day around 4870.
Nifty now seems poised to challenge the next stronger resistance around 4930-4950. IT counters have taken
the lead again and we could see more upside in the likes of TCS, Wipro, Infosys and Mphasis. Some base
building is seen in certain banking counters like Yes Bank and HDFC Bank. These stocks could see upside
in coming days. Others that are showing positive bias are Aban(above 1220), JSW Steel, Century, Cairns(
above 266), Tata Motors, Siemens and HDIL( above 317).
Nifty now has immediate support around 4820-30 while it faces initial test around 4910-15 and then around
4940-50.
DERIVATIVE PICK
CENTURY TEXTILES (CASH – Rs.497.95): In the daily charts the stock has given a Stochastic Buy
signal and both in the 15 and 60 minute charts, it has given indications of a fresh upward impulse move.
Buying is advised above Rs.500 for a target of Rs.512 and Rs.521. Higher target of Rs.532 is also possible.
Stop Loss of Rs.487 should be kept.
NIFTY TAKES A SURGE
In last hour of trade Nifty takes a surge and closed around 4890(Nifty futures). Resistance for the Nifty is
seen around 4950.
Close above 4950 could change Nifty intermediate trend to up. Support for the Nifty is seen around 4850.
Support for the Nifty is seen around 4850, Resistance for the Nifty is seen around 4950