Intraday market outlook for 11May

On Sunday we gave you all market view for the week and told that resistance levels as 5072-5155, and above 5155 gave target of 5225, today whole world watched the magic of levels. Nifty fut opened above first resistance levels and then shoot up like rocket to make a high of 5208, we hope all of you must have njoyed profits in truckload. Since last week when Nifty fut was 4985, we were continuously saying to buy Nifty fut wth SL-4960, and now those who followed us njoyed money rain today. Stay tuned with Team EAIB for more such money minting highly accurate market view and stock calls.

On 12May, Nifty fut has support at 5190 level, breaching below this level markets will slide down to take support at lower levels of 5172-5135-5110. Till Nifty fut is unable to close above 5260 level, bears will try again n again for taking charge over the markets. If bears are able to break and close below 5172 level, bulls might become weak for coming days. On higher side Nifty fur has resistance at 5225 level, if bulls are able to cross n sustain above this level then they can stretch markets on upside till 5260-5298. Bulls will gain energy for further upmove only after getting a close above 5260 level. Failing to do so, bears will gain strength will attack decisively to come back in markets.

We recommend all traders to keep a watch on 5172-5260, breakout of this range on either side will show a sharp movement in markets. Looking at the current scenario, bulls will be having an upper hand only if market sustains above 5260 level, the best strategy will be sell on rise, as this market rally may fizzle out soon and bears will try to gain strength once again. Once again we are warning all traders, not to leverage positions blindly without knowing the direction of markets, as that can make losses and stay cautious in range 5225-5298. All traders must keep booking profits time to time and must not leverage positions without respecting the crucil levels of nifty fut.

Commodity Alert: Stay cautious in Gold & Crude. Gold rally can fizzle out and Crude can show some bounceback. Traders must trade cautiously in all metals, and get ready for deceptive moves in coming days.

Nifty Levels

• Resistance - 5225-5260-5284-5298
• Support - 5190-5172-5135-5110

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Intraday Calls

• Hindustan Zinc abv 1120 tgt-1134-1143-1160+
• Tube Investments abv 104 tgt-107-110.4-118+
• Swaraj Engines abv 327 tgt-332-336-345
• SCI abv 167 tgt-169-172-177
• Also watch Cheviot Company, Deep Industries, Gitanjali gems, Bajaj Hindustan.

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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