As we have been stating for past few days that the present bull move is just a blip in anticipation of the rate cut by RBI and thus one not carried away by this deceptive up move. Nifty 5200 is a good psychological support. Infosys poor results have damaged the state of market.
Analysis of technical charts suggest that Nifty is weak and thus if 5200 level is broken, than we are bound to see it getting support at 5130-5100 levels. Thus ideal is to trade with reliable stocks and make money like professionals irrespective of the direction of the market. Keep an eye on the level of 5130 which if broken means we are heading for 5000-4800 mark.
The market will be weak till the time the level of 5330 is not broken on the upper side with volume. Now all eyes will be on RBI credit policy review holds the magic wand to pull the market out of the woods. Banking and real estate stocks will see a bull run if we have more than 25 basis points rate cut on 17 Apr RBI meet. The overall breadth was weak with 1,566 losers and 1,560 gainers on the Bombay Stock Exchange. Globally China has reported its slowest first quarter growth in three years which will again act as a dampener for market to move up.
Support and Resistances for the Day
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Strong future shares at National stock exchange
VIP Ind, Yes Bank, IVRCL Infra, Tech M, Bata India, Mcleodruss, Ranbaxy, Unitech, Voltas & MC Dowell.
Weak future stocks at NSE
Infy, Rel Capital, HDIL, JSW Energy, Jindal Steel, TCS, Opto Circuit, Suzlon, GSPL & Rel Infra.
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