DAILY REPORT FOR
NIFTY (4958 +71 pts)
Supp 4905/4877/4835 Res 4995/5020/5060
SENSEX (16481 +237 pts)
Supp 16390/16200/16050 Res 16580/16700/16840
Outlook for
· Indices opened strong on Friday and gains were held as global sentiment was very positive. Inflation cooled down somewhat and to cool it further, RBI hiked CRR by 50 basis points. This move will be implemented in 2 steps to contain inflation pressures, first 25 basis points raise from 26 April and 2nd from 10 May. It is expected to take out Rs 18,500 Cr from the system. CRR will be applied at 8% from 7.5% currently.
· Markets to open flat-to-negative on CRR hike but stability may return later in the day with stock-specific movement. Volatility is expected with major results from Reliance Industries, Axis Bank, Satyam and TCS to be announced today.
· Asian Electronics (206):- Buy with SL of 188 and Target 240-245
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.
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