#7 Nifty Update

NIFTY closed at 5740 almost flat with 11 points positive. NIFTY was quite a bit volatile today with its high of 82 points from the low. Infosys the hot topic in the stock market was also down below its 200 DEMA. Market right now is trending in stock specific situation rather then NIFTY as a Index. HDFC came out with some good result yesterday but it seemed that traders had already discounted the news yesterday. Today Vedanata bought stake in Cairn India upto 11% through block deal with Sesa Goa its catalyst. It was in news that Samsung may buy Pipava at Rs.110/share with deal completed within a week. So Pipava is the stock to look out this week. Overall NIFTY seems to be weak on daily graph and Weekly graph  also has shown some weakness. Strategy for tomorrow will be Sell NIFTY on rise with a SL-5793.

NIFTY levels for 20th April
S-5700     R-5783
S-5678     R-5824
S-5615     R-5870
S-5561     R-5923

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