The April series………..

The market roll over for may series is low due to the domestic events and due to the negative global news flows. The series may end with volatility but the markets may see some bounce back in the early trade as suggested by the SGX Nifty index.

The markets are at the verge of support as the major index heavy weights are trading below or just above the support levels in RIL, ONGC, Bharti, NTPC, ITC and HUL. On the positive side the LT, Infosys, Wipro, SBI, ICICI and HDFC bank are in Bull grip.
The Nifty as suggested in my earlier postings took support at 3350 level and this will gain strength when it trades above 3420 level. The intermediate range between 3280 and 3420 level is a consolidation range.
The earlier suggested levels hold good for RIL and ICICI. The Relcap and RelInfra lost much ground as expected and suggested. Now rel cap will be under bear pressure but can bounce to 525 level. It is very weak below 513-15 level. The Rel infra can also see a bounce back up to 693 level as suggested earlier.
The ONGC is weak below 829 and gains strength above 866-69 level. The Bharti is good above 735 can go upto 790 leve when it trades above 756-59 mild resistance level. It will become weak when the results disappoints the street may well go below support level at 686-88 level.
The LT is in Bull grip good above 896-902 level may touch 938 and 947 levels. The Sail is good still it is above 106 but likely to touch 90-93 level once it breaches due to the negative sector news. But today it will hold above 100-102 level.