Weekly Nifty Report for 20/May/2013 – 24/May/2013

kailashtrifid Mon May 20, 2013 10:59 am

Markets settled higher for the fifth consecutive week led by strong global markets. Nifty future lead towards new highs breaching its crucial resistance of 6150 and moved towards 6210. For the coming week, 6250 will act as crucial mark above which bulls will lead it towards new highs. On lower side if it sustains below 6100 then some correction is expected where support range is seen around 6050-5990.

Support: 6100/5990

Resistance: 6250/6350

Crucial Point: 6250

Close: 6196.10

Market Weekly News:

Indian markets gain for fifth consecutive week.
ITC Q4 net rises 19%; non-cigarette FMCG biz breaks even.
General Motors stock rises above $33 for first time in 2 years.
Tata Sons cancels divestment of 2.72% stake in TTML.
Government not to hike import duty on sugar in this marketing year.
Mahindra Satyam shares down 2 per cent on Q4 earnings.

Weekly Pick:

SBIN AFTER TAKING SUPPORT OF ITS 100 DA EMA ON WEEKLY CHARTS HAD RESISTED AROUND THE TREND LINE COMING FROM PREVIOUS HIGHS WHICH IS EXPCTED TO GIVE A POSITIVE BREAKOUT.

BUY ABOVE 2400 TARGETS 2450-2500. MAINTAIN SL OF 2330.

Weekly Call:

BANKBARODA BUY ABOVE 746.40 TARGETS 761-776 SL 723.

M&M BUY ABOVE 1001 TARGETS 1025-1050 SL 970.

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