Markets Today -This Week (21-04 to 25-04-08)

NIFTY (4958)

Last week I had mentioned, to show slight bullishness, Nifty needs to clear its first hurdle of a close above 4961 and then its second hurdle, which would be a close above 4956 on next friday which is its 50-WMA. Those figures during course of the last week has changed to 4943 and 4987 respectively. Hence it has cleared the first hurdle and came very close to clearing the second one as well.

Pivot Point trading levels for 21st APR is as under.
S2 S1 PIVOT R1 R2
4849 4904 4944 4999 5039

Pivot Point trading levels for the Week 21st-25th APR is as under.
S2 S1 PIVOT R1 R2
4607 4782 4884 5059 5161

Pivot Point trading levels for the Month of APR is as under.
S1 PIVOT R1 R2

4457 4754 5033 5330

200-DMA 5133

50-DMA 4943

This on going Major correction can be termed as 100% over, only when Nifty closes above 5377.

5133 is a strong hurdle and hence any kind of consistant bullishness can only be seen, if we close above 5133. I shall be cent percent bullish on a close above 5133.

Low & Medium risk traders can enter once Nifty closes above 5133 while

High risk traders can enter now keeping a stoploss of 4884 weekly pivot.

Whether there will be sharp downward jerks or not, is hard to say, specially after the CRR rate hike by RBI. But looking at the overall market from domestic and global point of view, I feel that the bottom hit on 18th March will hold.

Last year the yearly low was made on 16th MAR (sensex). This year also, low is made on 18th MAR (sensex) and it looks like it will hold. In case of any adverse opening bell movement, one should use it as an opportunity for going long. This is for high risk traders. It has also made a double bottom (22nd Jan & 18th Mar). An inverted H&S formation has been formed with a break above the neckline which is considered bullish. Hence all these indicators are pointing that, yearly low has been formed.

BEML

Closing 1039 (Mkt LoT : 125 )

Outlook Bullish

Recommendation Buy April Fut. @ 1025 - 29

Stop Loss 1019 (TargeT : 1079)

Scrip Close High Low Our reading Price Support Resistance GRASIM INDUS 2569 2599 2500 2491-2440 2645-2696 SIDEWAYS: Hold. MARUTI 760 765.90 728 737-722 783-798 SIDEWAYS: Good short term buy with stop loss 742 SBI 1683 1720 1616.35 1632-1599 1733-1767 SIDEWAYS: Good short term buy. NATIONALUM 425 430.90 404 404-395 446-455 SIDEWAYS: Hold. BEML 1037 1047 970 985-964 1088-1110 SIDEWAYS: Good short term buy. INDIAN HOTEL 113 113.90 107.10 107-105 119-122 SIDEWAYS: Good short term buy with stop loss Rs.109 AMBUJA CEM 113 119 112 107-105 119-121 WEAK: Sell at rise.

RECOMMENDED SCRIPS FOR 1 WEEK (21-04-08 TO 25-04-08)
SI.NO	SCRIP NAME	CMP	B/S	TARGET	TIMEFRAME	STOP LOSS
1	3IINFOTECH	123.80	BUY	131.00	1WEEK	114.30
2	ADLABSFILM	688.40	BUY	780.00	1WEEK	670.00
3	ABAN	3550.00	BUY*	3880.00	1WEEK	3315.00
4	AIRDECCAN	140.45	BUY	154.00	1WEEK	130.70
5	AMTEKAUTO	286.70	BUY	319.00	1WEEK	285.00
6	APTECHT	263.55	BUY*	316.00	1WEEK	234.00
7	AXISBANK	824.00	BUY	892.00	1WEEK	783.00
8	CENTURYTEX	803.70	BUY	944.00	1WEEK	762.00
9	CORPBANK	320.30	BUY	352.00	1WEEK	305.00
10	DLF	649.85	BUY	698.00	1WEEK	622.00
11	FINANTECH	1736.00	BUY	1900.00	1WEEK	1649.00
12	HINDZINC	593.00	BUY	641.00	1WEEK	546.00
13	IVRPRIME	218.30	BUY*	249.00	1WEEK	197.00
14	MRPL	97.25	BUY*	115.00	1WEEK	90.75
15	KOTAKBANK	719.95	BUY*	800.00	1WEEK	683.00
16	PUNJLLOYD	341.25	BUY*	382.00	1WEEK	324.00
17	REL	1334.30	BUY*	1538.00	1WEEK	1280.00
18	RELCAPITAL	1355.00	BUY*	1617.00	1WEEK	1231.00
19	RELIANCE	2640.00	BUY*	2890.00	1WEEK	2575.00
20	RNRL	109.10	BUY*	138.00	1WEEK	96.00
21	RPL	187.15	BUY*	207.00	1WEEK	175.00
22	STER	827.85	BUY*	950.00	1WEEK	768.00

Buy Close to SL and do small lots only.