PERFORMANCE REVIEW OF LAST WEEKSRECOMMENDATIONS
Bought at 195 and sold at 233
Bought around 92 - 95 range & sold at 100 & 105.
Bought at 50 and sold at 52.5.
BANK OF INDIA
Bought at 230 and sold at 235 - 238 range
Bought at 53.5 and held for higher targets.
AREVA T&D (232):
Bought at 222 and held for higher targets.
NTPC ( 190)
Bought at 190 and held for higher targets.
WEEKLY MARKET UPDATE AS ON 11th MAY
As mentioned in our last weeks report, Nifty recorded a high of 3717 andentered into a correction. Accordingly, the Nifty commenced a minor correctionand declined to around 3582.
During the current week, expect the Nifty to face resistance at 3663 - 3705. Aclose above 3663 will signify strength. A rise or close above 3695 - 3717 will takethe Nifty to around 3766 - 3800 levels.
On the downside, a break or close below 3570 will take the Nifty to 3534 -3425 levels. In case this happens, it should be deemed that we recorded asignificant high @ 3717, which can then be expected to hold for a period of around 2-3 months and would mean the begining of of a sideways /down move.
During May, the Nifty has to close above 3663 before 15th May ( preferrably aweekly close), it will then head for a target of 3848 by end of May.