Overall it was a great week on the D-Street. Sensex gained 478 points in the whole week to close at 15,104 levels and nifty gained 138 points to shut shop at 4857 levels. The crucial level of 15,000 level was breached last week and sensex settled above it after 9 months. The investors were bullish on the markets once the economic agenda was announced by the UPA Govt.

The Industrial Production (IIP) data which is due this week will be a crucial factor to watch out for now. If this happens to be better than expected then we can see some upward movement. The major factor to boost the markets will be the FIIs pumping money in the markets. They have sent close to $4 billion in May 2009 which is a record in itself.

The markets have moved almost 80% in the last 3 months and now we can see some side way movement in the market from 4460 levels to 4750 levels in nifty in the coming days.4500 on nifty is a crucial support and 4660 is a huge resistance for this market since it was the point from where markets started falling in Aug 2008. Investors should not be in a hurry to get into the markets now even the outlook is mostly optimistic. With markets at 10 month, we need to be a bit cautious and keep booking profits at higher levels. Above 4450 nifty will remain bullish and will face resistance at 4700 levels.

Here are some intra day trading tips for today:

Buy Suzlon Above 132, Target 136, 138 Stop Loss 128
Short sell Below 128, Target 125, 124 Stop Loss 130

Buy Jaiprakash Hydro Above 97 Target 99,102 Stoploss 94
Shortsell below 102 Target 98,96 Stoploss 105

Buy ICICI bank Above 753 Target 760,764 Stoploss 746
Shortsell below 765 Target 756, 752 Stoploss 769

Powered by