Intraday Market Technicals for 26th May

Both Nifty & Sensex has become very weak at these levels. The trend for fresh buying positions will continue if the markets continue to trade beyond 4982 & 16776. There are chances that Nifty & Sensex may open 35 - 36 points down & 127 - 128 points down. There are chances of an intraday movement of around 235 points & 855 points in Nifty & Sensex respectively.

If the markets sustain above 5023 & 16927 levels, then they will try to touch 5100 & 17204 levels.

On the other hand, market has a weak support at 4905 & 16499 because the markets may further fall down to 4863 & 16348 levels from this point due to panic selling & profit booking which can act as a strong support.

Derivatives Calls

Futures

Sell Nifty June' 08 Futures below 4932.00 levels with a target of 4861.00 & with a stoploss/ average above 4968.00.

Sell IVRCL Infra. June' 08 Futures below 411.00 levels with a target of 390.00 & with a stoploss/ average above 422.00.

Long Term Delivery Calls

We strongly recommend a buy on Hindustan Copper at current levels with a long-term target of 711.00.

We strongly recommend a buy on Kirloskar Brothers at current levels with a long-term target of 475.00.

Medium Term Delivery Calls

Buy Suzlon if it sustains above 301.00 levels with a medium-term target of 351.00 & with a stoploss/ average below 276.00.

Short Term Delivery Calls

Buy Bharti Airtel if it sustains above 844.00 levels with a short-term target of 893.00 & with a stoploss/ average below 819.00.

Buy Marksans Pharma if it sustains above 21.60 levels with a short-term target of 23.25 & with a stoploss/ average below 20.75.
 
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