Stock Tips-16/05/2013

Market rallied to their highest point and it maintained its positive momentum from the beginning of the session and closed above its strong resistance marks. Nifty future gave breakout of its strong level of 6120 and settled above it around 6160. Now, it seems to test its next psychological level of 6210 surpassing which 6250 is seen as next resistance. On lower side, support range is seen around 6000-5960.

TREND: SIDEWAYS

SUPPORT : 5960 & 5920

 RESISTANCE: 6050 & 6090

Major Market News:

  • Sensex spurts 491 points to close above 20,200.
  • Eurozone economy shrinks in Q1, marks longest recession.
  • Tata Motors global sales fall 7% in Apr’13.
  • Karnataka Bank Q4 profit slips 19%, asset quality improves.
  • Bajaj Finance Q4 net spikes 52%, shares hit 52-wk high.

 

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