Seeing the strength in the market it appears that we are headed for 5100 mark. In such type of environments when gap up in the index may take place and thus ideal opportunity is available in form of stock specific trades and one will realise that riding the trend yields maximum returns in the stock market. We are bullish for short term as daily
momentum oscillators are favouring bulls and thus we see Nifty rallying till 5100 level and uptrend is protected till 5000 mark is held.
All eyes are set on 18 June when RBI is set to meet and review its credit policy and hopes are abound in the market that central bank will cut key policy rates to boost growth. However since RBI had given “Jaroorat Se Jyada Offer” Last time and thus one may have to be conservative in approach while having wishful thinking.
To be honest we can call this rally as a pull back rally and will see profit booking at higher levels as analysis of derivative segment suggests that strong writing around 5100 CE strike price can act as a strong resistance for the market. Market breadth on BSE was positive with 1,525 gainers and 1,164 losers.
Support and Resistances for the Day
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Strong future shares at National stock exchange
S Kumar, India Info, Delta Corp, Zeel, Dena Bank, Rel Capital, Pantaloon R, Jet Airways, Core Education & LT.
Weak future stocks at NSE
BEML, OnMobile, Tata Motors, Orchid Chem, Educomp, Suzlon, Nagar Oil, Indian Bank, Adani Power & Adanient.
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