Today Nifty_Futures recommended yesterday, reached my first target of Rs.5600. Nifty has moved up from its oversold position and is finding support at current level. The rally in the market is expected to continue, with Nifty now moving toward 5700--5750 ranges. The markets are likely to hold on the 5525--5550 levels.
Resistance: 5580 / 5600
Support: 5530 / 5500
Most Asian indices rose with Japan's Nikkei hitting a near five-year high as yen hit multi-year lows against the dollar.
US equities ended only slightly up on Monday as investors avoided large bets ahead of index heavyweight Alcoa's first-quarter earnings (These are the excerpts from my morning inputs to the Paid Service Members and also to those who are trading through my recommended brokerage house). In these kinds of markets, it could be suicidal if you do not play without the guidance of experts.
Glodyne Technoserve Ltd hit another buyer freeze in the opening trade. The stock has fallen to some absurd levels and is gradually moving to the right place. CMP: Rs.14.64.
There are positive news in the sugar sector: PSU oil companies will immediately purchase 110 mln ltr of ethanol from sugar mills at the market price of Rs.42 a liter, significantly higher than the earlier price of Rs.27. Hence, Sree Renuka Sugar Ltd (CMP: Rs.24.45) will continue to do well in the coming days.
Reliance Broadcast Nework Ltd is doing well today in most of its verticals. I hope some of you have bought the scrip for some superb gains going forward. Now since, Samajbadi Party (of Mulauyam Singh Yadav) is supporting the UPA government at the centre, we can get some sparks in the Anil Ambani (or ADA Group) group stocks. CMP: Rs.25.50.