Archives : DAILY MARKET OUTLOOK : 18/05/2010


After a gap down opening yesterday, the Nifty breached the 200dma at 4981 and tested the low of 4966, which is very close to the 61.8% correction level. Nifty in the bargain formed a Hammer which a reversal pattern.

It is likely that the Nifty will move between 4980 and 5120 levels for the time being.

Sensex Resistance 16881-16943-17028. Support 16735-16634-16551.

Nifty Resistance 5085-5116-5160. Support 5031-4994-4966.

Buy Tata Tea 1105 SL 1089 Tgt 1127-1157.

Buy EKC 142 SL 139 Tgt 147-151.

Buy L&T 1606 SL 1590 Tgt 1632-1659.

Buy Uco Bank 72 SL 70 Tgt 75-78.

Buy REC 274 SL 271 Tgt 281-287.

Buy Karnataka Bank 141 SL 137 Tgt 146-152.

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