This was a dismal week for the Indian Market which saw all the sectorial indices in red. Both benchmark indices closed on negative note following poor March IIP Data and weakness in Indian Rupee. Nifty closed at 4931.35 with almost sown by 3.1% whereas sensex closed at 16292.98 down by 3.2% WOW basis. Now looking at technical picture of market. Nifty has sucessfully broken its 200 DMA and gave positive croossover this week so it is expected that rally would continue next week also.

If nifty does not sustain at higher levels so major support comes at 4900 and below that 4830 can be seen in the next week.

Now the stock for the coming week is IDFC which is lookingstrong on chartsand also consolidating with positive biasness. So One can go for long position in the stock above 123 for targets of 126 and 129 with strict SL of 120.

For the next week in commodities Nickel can be bullish. As we saw last week Nickel was in continuous down trend so we are expecting some good short covering coming at lower levels. For the next week in nickel, one should go for buy on lower level strategy if it sustains above the level of 950 then above the level of 954 it can touch the level of 974.

In agri commodities pepper can be bearish. As we saw last week pepper was not sustaining at higher levels. so for the next week in pepper one should go for sell on higher level strategy if it sustains below the level of 37040 then below the level of 36800 it can touch the level of 36000.

The Indian stock market remained in bad phase last week. All global uncertain cues weighed the market down. Huge selling pressure was seen on concern that India was considering a review of the Double Taxation Avoidance Treaty with Mauritius, this lead to crash in market and nifty future breached its psychological 5100 mark & sensex below its 17000 mark. Banks and auto stocks witnessed selling pressure throughout the week. While the index fell for 3 out of 4 sessions.

Nifty future has been weak over last few sessions, and successfully broken its 5100 mark now trading below its 200DMA.

Now for the next week 5030 and 5000 mark will act as support zone for market, while 5150 and 5300 will be major hurdle in upside.

Lets start with last week market as mentioned last week nifty could take breath at its resistance. Exactly same happened in last week market. Nifty future closed with almost loss of 2.5% whereas Sensex closed with loss of 2.5% . Capital goods, realty, banking and oil & gas played important roles in pulling the markets down whereas , IT and tech provided support to the indices.

Now if we talk about the technical picture of the market, as nifty was not able to sustain at its high throughout the market followed by Feb month of expiry and profit booking. This week nifty is forming lower bottoms and lower highs pattern in daily chart which indicate that, nifty does sustain at it high so down side really can be seen till 5350 level below that 5280 is next support. And still major hurdle for nifty is 5700 .

There is a major events is awaited in march month of contract like:- annual budget . Budget expectation keep remain mk violate. So be caution all trader and investors.

Stock Tips for the next Week-

STERLITE TECHNOLOGIES LTD.

It is looking strong on chart, as it has been consolidating with positive biasness from last many trading sessions, after its previous downside rally.

Currently it is trading above its 50 period moving average on intraday charts with daily RSI at 73.12 levels. Also as it has given closing above 50 days moving average on weekly chart with weekly RSI is at 60.03 levels, so upside may continue in the stock.

Traders may go long in this stock above the level of 47 for the targets of 49 and 51.50 with the strict Stop Loss of 44.50.

Benchmark share indices ended lower on Tuesday, snapping their five-day winning streak, as investors booked profits in index heavyweight Infosys along with capital goods shares.
The 30-share Sensex ended at 17622.45 down -84.86 points and the 50-share Nifty ended at 5335.15 down by -26.50 points. The Sensex and the Nifty reached an intra-day low of 17582.49 levels and 5,322.95 marks, respectively. Meanwhile, India’s gross domestic product (GDP) is estimated to grow an annual 6.9% in the 2011-12 fiscal year, a government statement said on Tuesday, citing provisional estimates.
Nifty Futures shut stop at 5357.95 down by -8.90 points or -0.17 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5420 else below support level of 5330 it would be in a downward trend.
RESISTANCE: It has first resistance close to the level of 5420 & above this level the next resistance is seen near the 5560 mark.
SUPPORT: It has first support close to the level of 5330 & below this level the next support is seen near 5260 mark.

In banking, CNX Bank Index gained 135.60 point or 1.34 %. Amongst the banking index Canara Bank, Union Bank of India and Bank of Baroda lead the row.

Bank Nifty Futures shut stop at 10239.90 up by 85.05 points or 0.84 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 10340 else below support level of 10150 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 10340 above this level the next resistance is seen near to the level of 10530.

SUPPORT: It has first support close to the level of 10150 & below this level the next support is seen near 9900 marks.

Both benchmark indices Sensex and the Nifty reached an intra-day low of 16,828.33 levels and 5076.70 marks respectively. On the global front, Asian stocks slumped for the first time in four days before a meeting of Europe’s leaders to discuss the euro-zone sovereign-debt crisis. Hang Seng, Kospi, Nikkei and Strait Times fell between 1-2%. However, Taiwan Index gained by nearly 2%.

Nifty Futures closed at 5105 down by -107.80 points or -2.07 %. It is looking bearish in the coming trading session if it manages to trade below the support level of 5100 else above resistance level of 5200 it would be in an upward trend.

Intraday Technical Levels :

RESISTANCE: It has first resistance close to the level of 5200 & above this level the next resistance is seen near the 5250 mark.

SUPPORT: It has first support close to the level of 5100 & below this level the next support is seen near 5030 mark.

Action is picking up in the equity market. The policy move by the Reserve Bank of India (RBI) on Tuesday saw traders returning to the Street and pushing stock prices a 10-week high. The Bombay Stock Exchange (BSE) benchmark, the Sensex, touched the 17,000-mark, as sentiments got a boost on the announcement of a 50-basis-point cut in the Cash Reserve Ratio (CRR) — money banks have to deposit with the RBI.

The Sensex gained 81.41 points, or 0.48 per cent, to 17077.18. The broader S&P CNX Nifty of the National Stock Exchange (NSE) rose 30.95 points, or 0.60 per cent, to 5,158.30. Futures and options contracts worth Rs 2.5 lakh crore were traded on the NSE, the highest turnover seen on the bourse since November 25.

Nifty Futures shut stop at 5158.20 up by 37.75 points or 0.74 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5180 else below support level of 5130 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 5180 & above this level the next resistance is seen near the 5250 mark.

SUPPORT: It has first support close to the level of 5130 & below this level the next support is seen near 5040 mark.

Benchmark share indices ended at their 10-week closing highs on Tuesday, after the Reserve Bank of India’s decision to boost liquidity by lowering the cash reserve ratio would help revive growth. The 30-share Sensex ended up 244.04 points at 16,995.77 and the 50-share Nifty ended up 81.10 points at 5,127.35.

Nifty Futures shut stop at 5120.45 up by 69.40 points or 1.37 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5150 else below support level of 5030 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 5150 & above this level the next resistance is seen near the 5250 mark.

SUPPORT: It has first support close to the level of 5030 & below this level the next support is seen near 4990 mark.

In banking, CNX Bank Index lost -33.30 point or -0.37 %. Amongst the banking index Canara Bank, Kotak Mahindra Bank and Axis Bank lead the row.

Bank Nifty Futures shut stop at 9002.35 down by -76.10 points or -0.84 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 9200 else below support level of 8900 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 9200 above this level the next resistance is seen near to the level of 9330.

SUPPORT: It has first support close to the level of 8900 & below this level the next support is seen near 8720 marks.