Archives : DAILY MARKET OUTLOOK : 27/05/2010


Yesterday the market recovered and ended quite strong. Both indices have rebounded from their support trendline and the chances are the market will now aim to test the 200dma which is at Nifty 4995.

Major stocks are showing some positive divergence while being in the oversold territory. Hence one can expect some sort of a pull-back on the back of short covering as today is the expiry. Expect some shortcovering in stocks like L&T, Sterlite Ind, Federal Bank and Siemens.

Sensex Resistance 16480-16577-16684. Support 16307-16187-16074.

Nifty Resistance 4951-4984-5029. Support 4876-4842-4807.

Buy L&T 1607 SL 1592 Tgt 1633-1653.

Buy Siemens 691 SL 681 Tgt 710-730.

Buy Sterlite Ind 616 SL 609 Tgt 632-646.

Buy Areva 239 SL 235 Tgt 247-254.

Buy Federal Bank 314 SL 309 Tgt 322-330.

Disclaimer : The recommendations made herein do not constitute an offer to sell or a solicitation to buy any of the securities mentioned. No representations can be made that the recommendations contained herein will be profitable or that they will not result in losses. Readers using the information contained herein are solely responsible for their actions. Information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness.

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