DAILY REPORT FOR
NIFTY (4830 +2 pts)
Supp 4740/4710/4630 Res 4885/4915/4960
SENSEX (16015 -71 pts)
Supp 15850/15600/15330 Res 16150/16450/16700
· March expiry is over and we start the series with Rs 42026 Cr of OI which is lower than previous series-starting. Next series will be characterized by Earnings season as India Inc declares its FY08 numbers.
· IT stocks are making bullish formations on graph. May be some positive surprise is lurking in the results or in the Dollar. Those stocks should outperform in this series. Same is the case with Pharma stocks.
· Sensex uptrend will not be so swift as before but as long as we are above 15330, we should not worry much about the downside.
· Access Deficit Charge on domestic calls has been abolished by TRAI and the move should benefit telecom companies here. Bharti Airtel, RCom to benefit.
· Suzlon and Aurobindo have recovered well yesterday. Both are investment buy for more than 20% returns.
· Today Sensex not cutting 15800 will mean bullishness and we can target 16450 in late trade.
· Wipro (430):- Buy for target of 468-475 with SL 410
Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. I am not responsible for any losses made by traders. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. I am trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations.