DATE 3RD APRIL 2011

MARKET OVERVIEW
NIFTY:
CLOSED AT 5826.05 NIFTY RALLIED 3.10% FROM PREVIOUS
CLOSING i.e. 5654.25 THERE IS A BIG QUESTION IN EVERY
ONE’S MIND i.e. ARE WE IN UPTREND OR JUST A RALLY IN
DOWNTREND.THOUGH WE ARE TRADING ABOVE 200DMA
BUT THERE ARE SEVERAL POINTS TO BE NOTED:
1. STRONG RESISTANCE 5910-5935 THESE ARE LEVELS
WHERE NIFTY TOOK RESISTANCE AND TURNED
DOWNWARD.
2. NIFTY HIGHLY OVERBOUGHT/OVER STRECHED.
3. THERE IS A GAP AT 5530 AND 5485.GAP IS NEED TO
BE FILLED BEFORE WE ENTERED INTO STRONG BULL
MARKET.
4. BUT WE ARE TRADING ABOVE 200DMA i.e.5702.
TILL WE ARE TRADING ABOVE 5702 WE WILL BE IN
UPTREND. BUT WE MAY SEE A CORRECTION THIS
WEEK AS OVERALL MARKET IS OVERBOUGHT.
5. NIFTY SUPPORT 5781,5726,5702,5683,5587
6. NIFTY RESISTANCE: 5910-5935,6030-6040.
STRATEGY TO TRADE NIFTY: SELL NIFTY BELOW 5810 TARGET 5781 STOP 5826 BY CLOSING. IF NIFTY CLOSE BELOW 5781
NEXT TARGET WILL BE 5726, 5702. OR BUY NIFTY ABOVE 5860 TARGET 5872, 5900, 5910 BUT TRADE WITH STRICT STOP
LOSS AS OVERALL MARKET IS OVER BOUGHT STOP 5826 BY CLOSING.WEEKLY TREND DECIDER 5780
NIFTY FUTURE CLOSED AT 5861.35.IN NIFTY FUTURE CHART THERE IS A DOUBLE TOP AT 5885.
STRATEGY TO TRADE NIFTY FUTURE: SELL BELOW 5837 TARGET 5824, 5800,5783. STOP 5862 BY CLOSING. WEEKLY TREND
DECIDER: 5803 TRADE ACCORDINGLY TO THE STRATEGY GIVEN ABOVE ON NIFTY SPOT.
STOCK WATCH
CAIRN INDIA: BUY ABOVE 359 TARGET 363,368 OR BUY CAIRN AT CMP TARGET 358,359 STOP 354 BY CLOSING.
REC: BUY ON DIPS CHART IS VERY GOOD. TRYING TO ENTER IN UPTREND .ACCUMULATE THIS STOCK ON EVERY
DIPS.STOP 223 BY CLOSING.
HDFC BANK: SELL BELOW 2323 TARGET 2305,2298 STOP 2334 WEEKLY TREND DECIDER:2331 HDFC BANK
FUTURE:SELL BELOW 2336 TARGET 2308-2305 STOP 2351 BY CLOSING. WEEKLY TREND DECIDER: 2343
HDFC LTD: BUY HDFC LTD ON DIPS STOP 665 BY CLOSING.
BAJAJ AUTO: SELL BELOW 1447 TARGET 1422 STOP 1459
SUN PHARMA: BUY SUN PHARMA IF IT CLOSE ABOVE 450 TARGET 455,460,465 OR BUY SUN PHARMA STOP 442
BY CLOSING TARGET 450.
ABAN OFFSHORE: BUY ABV 646 TARGET 652,656 STOP 643 BY CLOSING TAKE QUICK PROFITS AS IT IS
OVERBOUGHT.
COAL INDIA: BUY ABV 352 TARGET 356,360 STOP DAY’S LOW /347 BY CLOSING.
EDSERV: BUY ABV 141.50 TARGET 143.50 OR BUY ABV 143.50 TARGET 147.50 STOP DAY’S LOW
MC DOWELL: BUY ABV 1065 TARGET 1075, 1080-1085.
GUJ NRE COKE: BUY GUJ NRE COKE STOP 49 BY CLOSING TARGET 52-53
MLL: BUY ABOVE 41 TARGETS 41.90, 42-43.
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