Intraday Market Technicals for 22nd May

Both Nifty & Sensex has become a bit weak at these levels. The trend for fresh buying positions will continue if the markets continue to trade beyond 5100 & 17192. There are chances that Nifty & Sensex may open 17 - 18 points down & 50 - 51 points down. There are chances of an intraday movement of around 170 points & 500 points in Nifty & Sensex respectively.

If the markets sustain above 5152 & 17343 levels, then they will try to touch 5187 & 17444 levels.

On the other hand, market has a weak support at 5065 & 17092 because the markets may further fall down to 5013 & 16941 levels from this point due to panic selling & profit booking which can act as a strong support.

Derivatives Calls

Futures

Buy Nifty May' 08 Futures above 5147.00 levels with a target of 5219.00 & with a stoploss/ average below 5111.00.

Buy Birla Jute May' 08 Futures above 226.00 levels with a target of 239.00 & with a stoploss/ average below 219.50.

Long Term Delivery Calls

We strongly recommend a buy on Reliance Inds. at current levels with a long-term target of 3458.00.

We strongly recommend a buy on United Spirits at current levels with a long-term target of 5433.00.

Medium Term Delivery Calls

Buy Himalya Intl. if it sustains above 26.25 levels with a medium-term target of 30.40 & with a stoploss/ average below 24.15.

Short Term Delivery Calls

Buy Ispat Inds. if it sustains above 34.50 levels with a short-term target of 36.45 & with a stoploss/ average below 33.50.

Buy RNRL if it sustains above 114.50 levels with a short-term target of 120.90 & with a stoploss/ average below 111.30.