The good news for market participants and traders is that market has technically broken above its resistance and has entered in an uptrend/bullish mode. Analysis of derivatives market data suggests that market is going to get an excellent support at the levels of 5200 with deep support being 5147. If RBI undertakes a rate cut in its forthcoming credit policy meeting in mid April, it is going to give another fillip to the market. Overall market remains in upbeat mood and thus it is the ideal time to make a quick buck by trading daily in hot stock of the day. The overall market breadth was positive as 1,796 stocks advanced against 1,023 declining ones, on the BSE. To be on the safer side go long only once Nifty crosses the level of 5383 as it can thereafter target 5450 figure.
On the cautionary side we may see profit booking if Nifty breaks below 5349 as the week is having an elongated holidays and market traders may not like to be long in the market due to uncertainties in the global markets.
Support and Resistances for the Day
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Strong future shares at National stock exchange
IVRCL Infra, VIP Ind, Yes Bank, MC Dowell, Century Text, Bombay Dyeing, JP Associate, Voltas, PTC & Dish TV.
Weak future stocks at NSE
HDIL, Renuka, Welcorp, Suzlon, SRE Infra, Opto Circuits, Orient Bank, BEML, Finan Tech & Fortis.
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