As mentioned yesterday, Nifty has achieved the targets of bullish "Inverted Head & Shoulder" pattern having resistance at 5400-5405 & target of 5475-5510. Now by default Nifty has given bullish breakout from another pattern i.e.  

"Declining Channel" pattern having resistance at 5450 & target of 5575-5600 with strong resistance around 5525. 2 consecutive close above 5525 will also change the short term downtrend which is in force since 13th May 2011 unless and otherwise failure to close above 5525 may resume its downward journey towards 5000 which may be achieved sooner or later.  

Nifty opened on a bullish note with a positive gap of nearly 25 points on positive cues from global markets in addition to the bullish breakout which Nifty had given from a "Declining Channel" pattern last Friday. As expected Nifty trading faced resistance at 5510-5525 & took corrective decline of 50 points to touch an intra day low of 5458 before closing at 5473 about 3 points below the previous close.

As far as bar reversal in Daily charts are concerned, stocks like Satyam Computer, GAIL, Hind Unilever, Can bank, Sabero Organics, Union Bank, Sun TV, Bombay Dyeing, Essar Shipping have given "Upward Bar Reversal" while Nifty, M&M, Wipro, Reliance Ind., Hindalco, OMGC, BHEL, REL Infra, REL INfra, BPCL, Sterlite Ind. etc. have given "Downward Bar Reversal".

Stocks like Consolidated Const. Com., Gabrial (I), Sabero Organics, Aftek, ICSA (I), Patni Computer, Balaji Tele., National Aluminium, Koltel Patil, Stride Acrolab have shown  spurt during the day with unusually high volumes.

Sector wise, most of the stocks like ARSS America, Patni Computer, Balaji Tele, Subex Systems, Stride Acrolab, Prakash Steel, Kolte Patil, Godrej Consumer, JK Paper etc.

were among the top gainers of the day,  to close in positive territory whereas stocks like Sanghvi Forging, M&M, Texmopipes, MIC Electronics, Geodesic, Nagarjuna Const., GSS America, Zicom, Gokul, Amararaja etc. attracted profit booking at higher levels & closed in red territory. As far as, A/D data is concerned it was in favor of bulls in the ratio of 9:5 with 890 advances & 541 declines during the day.
 
In nutshell, Nifty Stock faced resistance at 5510 on expected lines after it had given multiple bullish breakout from 2 different patterns i.e. "Inverted Head & Shoulder" pattern (target was 5480 which is already achieved) & "Declining Channel" pattern having target of 5575 but strong hurdle at 5510-5525. 

Now after achieving the first target Nifty failed to cross the resistance & there are chances that it may take corrective decline to 5420-5400 & make another attempt to break above 5525. On bearish side, failure to cross 5525 can resume downward journey towards 5000 in near future.
The best strategy is to be stock & sector specific as the Q1 results are influencing the market movement of individual stocks.
INTRADAY NIFTY FUTURE
Intraday Nifty Future Closing : 5466
Watch carefully today's nifty magical figure... 5470
Buy Intraday Nifty Future above magical figure for upside
First target...   5497 and above it
Second target...    5520
and crosses over both it will come...    5548
Sell Intraday Nifty Future, if Nifty is running below magical figure then your downside
First target...    5440
Second target... 5418
Third target... 5397

SENSEX
(Closing -18232)
Today's Sensex magical figure... 18244
Above magical figure upside targets ,
First target ... 18327
Second target...18393
Third target ... 18466
Sensex Running Below Magical Figure,
First target ....   18155
Second Target ... 18092
Third target ...18025

BANK NIFTY FUTURE
(Closing - 10700)
Today's magical figure...10721

Buy it above magical figure upside
First target ... 10808
Second target ... 10875
Third target...    10938
Sell it if running below Magical figure for downside:
First target ...10622
Second target...10575
Third target ... 10515

REL CAPITAL FUTURE
(Closing - 503)
Today's magical figure... 504
Buy it above magical figure upside targets
First target ... 512
Second target ... 525
Third target ... 535
Sell it running below Magical figure for downside:
First arget ... 494
Second target ...485
Third target ... 475

REL INFRA FUTURE
(Closing - 558)
Today's magical figure... 560
Buy it above magical figure upside targets
First target ... 573
Second target ... 583

Third target ... 592
Sell it running below Magical figure for downside:
First arget ... 547
Second target ...537
Third target ... 528

[...]

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INTRADAY NIFTY STOCK MARKET :
In the last week Nifty stock market finally hold the key support 5400 and strong bounce back were saw and made a high 5517, near trerm 5400 bottom have been established. If this bounce continues, we may consider next area of resistance around 5610 which is a 50 DMA, failure to move cross this zone will again invite correction and ma drag down more lower level. Crossover 5610 and close above next possible target is 5625-5750 range which is near to 200 DMA . Till then trading range is 5400 to 5600, break out or break down will invite 200 point move in either side.

TODAY : At the end of the week Nifty open positively and after it was showing good strength in the market from the morning and close positively. Now today it will face resistance 5522-5550, down side support below 5433-5404-5378 zone and stay with volume, over all selling in the market. Today Magic No. 5222 watch out.. Below Bear favor, Above Bull favour.

BSE
As long as hold 18000 in near term till then bulls have upper hand and we may consider resistance 18450-18705-18850 in near and successfully cross and close above will move further and may test 19125-19450, on the flip side lower level support 17800-17700 to be watch out and reversal can not be ruled out. If failed to reversal free fall likely. 

Today : BSE Index is open positively and showing good strength in the market and close positively. And tested a low of 18161 this is near to support of 18160. Now we may consider support 18262-18160 range, higher level resistance 18540-18724 watch out. Today Magic No 18447

Sure Shot Bank Nifty:
After SBI result, market was disappointed and big sell off were saw in Bank Nifty resulted a lot of short position also in the system and presently around 18.00 lacs shares. On the other hand May month is going to premium against next month June by 30 points which indicate that more short covering likely in next 4 sessions and players also shifted their position in the next month. Over all in near term 10400-10500 is a good support and resistance 10800-10900 watch out, break out or break down this zone will move one side. Traders are advised not to go short sell in Banking Index and Large Cap counters, as there is expected that due to oversold, trend reversal likely. Above 10499 - Bull favour and may test 10780-10916.

Today : At the end of the week Bank Nifty opens positively finally it cross the 10700 level but unable to maintain 10700 level and showing some strength in the market and close below that level Today, we may consider resistance 10700-10756, and support around 10520-10400. Now current down move will retest again 10000 mark or even below ?........ Today Magic No. 10755 Corrective rally and take advantage, however trend is bearish.

Nifty Future :
As mentioned yesterday strong support 5390-5400, hold this level higher level resistance 5465 and stay with volume may test 5500-5525 and finally made a high of 5522)

Now Today : we may consider resistance 5523.....decisively crossover and stay with volume over all positive and first target..?........thereafter more up side ...... lower level strong support 5455...?.............thereafter over all selling in the market and target ..?..... .. If hold support level and U turn expect, thereafter big move can not be ruled out.
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Intraday Nifty MAY Future: (5559) 5584 a crucial resistance crossover above which it'll surge up further to 5622-5636 where selling will be seen again. Crossover above 5636 it'll surge up further to 5667 & 5703-5720, overall keep stop loss of 5778 & go short on higher levels.

Downward side 5501 a crucial support break below which it'll fall down to 5450 & 5419 initially. Break below 5419 it'll crash down to 5377-5367.

SENSEX (Close - 18529.00)
Sensex closed flat after wild swings. Well, it has saved crucial supports but still not out of wounds. A choppy session cannot be concluded as rebound after a fall. Any weakness can again trigger the sell off anytime. One should observe that we have again seen downside in technology, bank and auto stocks. Most of the money is going to defensive sectors only. We may get some improved global cues but those can only result a silent to choppy market. 

It seems that market is just waiting for another negative trigger. As I said yesterday that it is very important to save 18270 levels. This study remains valid for today also. On the higher side we can expect levels like 18750 as next resistance. Watch banking stocks very closely as these may turn weak again. 

NIFTY Option (Close - 5551.10)
Nifty Stock has technical support at 5500. It has a chance of recovery as long as it sustain above 5500 but how long can it sustain? Technical resistance will be at 5630, which will not be easy to cross on higher side. I feel sell off may hit at higher levels again. 

PNB (Close - 1078.55)
This stock has closed below 1080. Now support it starts trading below 1072 anytime then one can trade on short side with small stop loss for a fall towards 1060 levels. A further break below 1060 will result a move towards 1050 too. 

MARUTI (Close - 1245.50)
In past few days this stock has traded in a channel. Now it has lower channel support at 1234. Well, if it breaks below 1234 then we can see a remarkable fall. It may hit 1215 to 1210 on the break. I suggest short below 1234 with small stop loss. 

RELINFRA (Close - 598.25)
Yesterday I said to buy for 615. It has tested a high of 614.40 but just in initial hours and then came lower. Technically from now onwards 615 will act as strong resistance. Use intraday rise near 605 and sell with stop loss 615. In the lower side it can hit or breaks 570 sooner. 

BSE index: (18529) 18675-18720 a crucial resistance to watch out for crossover above which only it'll surge up further correctively to 18815 & 18876-18920, where selling will be seen again.
Downward side 18367 a crucial support break below which it'll fall down to 18196-18141-18090 initially. Break below 18090 it'll crash down to 17910.
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The MSCI Asia Pacific Index gained 0.4% to 140.08 with about three stock gaining for each that dropped. Further, Japan’s Nikkei 225 gained 0.97% to 9,945.24 as robust U.S. earnings and higher commodity prices relieved concern over global economic growth.

Equity markets are likely to open positive as most of the Asian stock rose, pushing the regional benchmark index to the peak level in almost four months as the earnings reports from the U.S. companies came at better than analyst expectation, thus cooling concern of slowdown in global economic growth.

The Shanghai Composite is up by 0.85% to 2,911.51 and Hang Seng Index gained 0.36% to 23,720.81. Separately, Seoul Composite and Jakarta Composite are trading up by 1.27% and 0.48%, respectively. In the domestic arena, the markets are likely to follow the rout of global counterpart and trade range-bound with upside movement. Metal, Oil&Gas and IT pivotals will be in focus today.

Further, Merck (MRK 35.95, +0.18) also garnered some gains on its own upside earnings surprise. Fellow blue chip Microsoft (MSFT 25.92, -0.79) pared some of their strength even though company's bottom line was better than expected, but narrower margins and reduced target prices among analysts fuelled some concern.

Nifty Future Closing : 5753
Watch carefully today's nifty magical figure... 5755
Buy Nifty Future above magical figure for upside
First target...   5788 and above it
Second target...    5820
and crosses over both it will come...    5844
Sell Nifty Future, if Nifty is running below magical figure then your downside
First target...    5720
Second target... 5700
Third target... 5680

SENSEX
(Closing - 19135)
Today's Sensex magical figure... 19140
Above magical figure upside targets ,
First target ... 19236
Second target...19340
Third target ... 19409
Sensex Running Below Magical Figure,
First target ....   19035
Second Target ... 18975
Third target ...18920

BANK NIFTY FUTURE
(Closing - 11511)
Today's magical figure...11500
Buy it above magical figure upside
First target ... 11600
Second target ... 11690
Third target...    11735
Sell it if running below Magical figure for downside:
First target ...11430
Second target...11370
Third target ... 11330

L & T FUTURE
(Closing - 1606)
Today's magical figure... 1600
Buy it above magical figure upside targets
First target ... 1640
Second target ... 1660
Third target ... 1680
Sell it running below Magical figure for downside:
First arget ... 1575
Second target ...1553
Third target ... 1525

RELIANCE FUTURE
(Closing - 981)
Today's magical figure... 981
Buy it above magical figure upside
First target ... 992
Second target ... 1004
Third target ... 1020
Sell it running below Magical figure for downside:
First target ...970
Second target ...960
Third target ... 950

TATA MOTOR FUTURE
(Closing - 1220)
Today's magical figure... 1230
Buy it above magical figure upside
First target ... 1245
Second target ... 1259
Third target ... 1271
Sell it running below Magical figure for downside:
First target ...1207
Second target ...1192
Third target ... 1178
[...]

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