Heat & Mansoon series begins

The Nifty could close APRIL SERIES at arround 5260 level, maintained no gain no loss on month on month basis. The PSU banks and other banks made their journey to North. The RIL has crossed the resistance at 1036-39 level and the Ster made a decent rally. The Tata Motors and SBI are in bull grip slong stays above 726 and 2250 level. The major looser are in IT- Mindtree and Educomp, the Ultratech cements.
The Nifty could gain strenth only when RIL and ONGC find some buyers at higher levels. The steep runup in the banking sector may look for some consolidation but the upper level are nearing top.The banking gaint SBI has good support and in full Bull grip above 2250-48 level and ICICI has to stay above 964-66 level to consider the banking stocks has further legs to go. The RIL has serious resistance at 1060 level, the ONGC find resistance at1069-72 level.
The good news for reality sector is the concessions offered by reducing the tax and the urban poor get tax exemptions is a boost to the slum developers and specially to Mumbai and Delhi based reality sector copanies. Earlier it was the mall construction but now it will be slum constuction cats and dogs billionaires. The new mantra will hold for next two to three years.
The Nifty is facing resistance at 5273 level and again at 5293 level. Incase the Nifty stays above the second resistance level the bears needs to take a close look at the positions taken in anticipation of fall. The Bulls are enjoying the good results of corporate India be it tech, banks or oil and gas.
The Pharma sector dependant on foreign pastures, likely to see some pressure in future as the rupee is strenthening and likely to continue the trend for next 6-12 monthe down the line. The reality and infra/construction majors yet to come out with numbers. The good mansoon can trigger further rally otherwise the bulls look for the life saviour news.