WEEKLY ANALYSIS(19TH APRIL-23RD APRIL)

RES:5318-5350-5382
SUP:5235-5203-5183

LAST WEEK ON 16TH APRIL U.S AND EUROPE MARKETS CLOSED NEAR 1.2%-1.8% DOWN AND SGX NIFTY ALSO MADE A LOW OF 5150 AND CLOSED AT 5175.ON MONDAY 19TH APRIL IF ASIAN MARKETS REMAINS WEAK BY THE TIME INDIAN MARKETS OPEN WE MAY SEE AN INITIAL PANIC FALL AT OPEN MAY BE NEAR 5220 AND MAY DECLINE TO 5183-5196 LEVELS IN SHORT TIME .BUT IF ASIAN MARKETS RECOVERED FROM AN INITIAL FALL BY THE TIME INDIAN MARKETS OPEN AGAIN 5235 WILL GIVE STRONG SUPPORT TO NIFTY AND IF 5235 LEVEL DOES NOT BREAK NIFTY MAY SEE SHARP UPMOVE TOWARDS 5297-5318 LEVELS.

IF NIFTY FALLS ON MONDAY AND BREAKS 5220 THEN MAY SEE SOME MORE DIP TO 5183-5196 RANGE WHERE NIFTY CAN BE BOUGHT WITH SL BELOW 5150 FOR TARGETS 5260-5270 RANGE,IF NIFTY COULD NOT MOVE ABOVE 5270 THEN IT CAN BE AGAIN SHORTED WITH SL ABOVE 5297.FOR TARGETS 5220-5196..IF BREAKS ABOVE 5297 AND SUSTAINS THEN MAY SEE UPMOVE TOWARDS 5318-5332 RANGE WHERE AGAIN SOME SELLING MAY COME FROM PPL HOLDING LONGS...ABOVE 5330 NIFTY MAY AGAIN WILL BE IN UPTREND FOR 5350-5382-5410 LEVELS.

TILL NIFTY DOES NOT CLOSE BELOW 5235,BULLS CAN EXPECT VERY STRONG UPMOVE IN COMING DAYS,TWO SUCCESSIVE CLOSE BELOW 5150 WILL OPEN FLOODGATES FOR TARGETS OF 4950-4750 IN VERY SHORT TIME.


OPTION DATA INDICATING RANGE OF 5200 -5400 MAY BE MAINTAINED FOR FEW MORE DAYS WITH 5180-5160 AS STRONG SUPPORT THIS WEEK .IF BREAKS BELOW IT THEN MAY SEE SOME SHARP DOWNMOVE TOWARDS 5050-4950 LEVELS.

WORLD MARKETS WERE RIPE FOR SOME TECHNICAL CORRECTION AND GOLDMAN NEWS GAVE AN EXCUSE FOR CORRECTIONS,BUT THE WAY U.S MKTS WERE HELD NEAR 11000 LEVELS,THERE IS A STRONG PROBABILITY OF FRESH UPMOVE COMING THIS WEEK.

SO,WATCH FOR 5235 LEVELS IF DOES NOT BREAK BELOW ON OPEN NIFTY MAY SEE A SHARP BOUNCE ,IF 5180-60 IS HELD (IF 5235 BREAKS ON WEAK ASIAN CUES) AGAIN EXPECT STRONG BOUNCE...

IF CLOSES 2 DAYS BELOW 5150 NIFTY WILL GET WEAKER