In earlier week we once again proved our accuracy, and made you all earn handsome profits, even in volatile markets. Our major support-resistance levels of 5220 & 5345, worked well and proved their importance. We clearly wrote in our market view, that failing to cross 5345 resistance level, Nifty fut will witness profit booking, and you all must have watched Nifty fut making a high of 5342 and went down to make a low of 5245. See our market view for earlier week, CLICK HERE.
For the week starting from 5April, Nifty fut will face resistance at 5345 level, this level will be the first hurdle for bulls on upside and in order to retain their gains bulls have to decisively cross and sustain above this level. Once they manages to sustain above this level,we can see higher levels of 5374-5445-5522 in markets. If in coming days, we see markets sustaining above the level of 5345 and giving consecutive close above this level, then we can expect a sharp upside of 80-175pts once again. However, if bulls fail to sustain above the resistance level of 5345, then bears will try hard to take the charge over bulls and slide down the markets. On lower side Nifty fut have support at 5255, if this level is breached then we can see 5220-5184-5130 levels in markets in short time. Any close below 5220-5184 level, will be energy booster for bears and that can make markets to slide down further to the crucial support of 5070 level.
For the week starting from 5April, Nifty fut will face resistance at 5345 level, this level will be the first hurdle for bulls on upside and in order to retain their gains bulls have to decisively cross and sustain above this level. Once they manages to sustain above this level,we can see higher levels of 5374-5445-5522 in markets. If in coming days, we see markets sustaining above the level of 5345 and giving consecutive close above this level, then we can expect a sharp upside of 80-175pts once again. However, if bulls fail to sustain above the resistance level of 5345, then bears will try hard to take the charge over bulls and slide down the markets. On lower side Nifty fut have support at 5255, if this level is breached then we can see 5220-5184-5130 levels in markets in short time. Any close below 5220-5184 level, will be energy booster for bears and that can make markets to slide down further to the crucial support of 5070 level.
We recommend traders to keep booking profits at every rise, as markets are facing selling pressure each time it attempts to make a new high, and is unable to close above 5345 levels for 2-3 days. So, long positions must be exited at every rise, to conserve the profits. and fresh longs positions must be created only if market sustains above 5345 level. Nifty fut range 5220-5345, must be watched very carefully before executing any fresh trade. Traders must be stock specific this week, rather than going for the market move because market movement can be dicy & ambiguous this week. Small caps and few mid caps can perform well in coming days. Sentimental trading must be avoided,and traders must follow the levels to trade in the markets.
Nifty Levels
- Resistance - 5315-5345-5374-5445-5522
- Support - 5255-5220-5184-5130-5070
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Stocks for the week
- Repro Ind.
- HCL Tech
- Essar Oil
- Petronet
- MTNL
- Veritas Infra
- Subex Ltd.
- Maharashtra Scooter
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Intraday Calls for 5April
- Mukand Engineer abv 56 tgt-57.5-58.4-60
- PVR abv 173.5 tgt-175-177-180.5
- Escorts Ltd abv 167 tgt-172-176-187+
- Reliance Industrial Infra abv 860 tgt-868-875-890
- Also watch Wyeth Ltd. ,Vakrangee Softwares, Apollo Tyre, MRO-TEK.
For all trades, keep trailing your stoploss once the stock is above the buying price. Dont take delivery of any intraday call. Avoid spike buying.
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