Markets opened on a positive note and extended previous weeks gain for third consecutive session and were trading at lifetime high tracking firm global cues along with capital goods and financials leading the gains. 50 share index Nifty June Fut made a high of 7715, major data for this week were CPI for month of May and IIP for April. On the global front, Asian shares slipped on Thursday after US stocks stepped back from record levels on Wednesday while civil war in Iraq supported oil prices, the fall in the shares continued on Friday and Nifty June Fut closed at 7560
Overall trend of Nifty June Future is still bullish on chart, The negative closing on charts can be taken as the opportunity for further buy as, Nifty was trading on peak and correction was due, this downside rally was the corrective move market was waiting for. Further downside movement can be expected only if Nifty june Fut breaches its important support level of 7515, breach of this level can take Nifty to 7400& 7325 levels. Whereas on upside important resistance level to watch is 7717 crossing of this can give a new high in Nifty June fut i.e 7785 and 7845 can be expected
Stocks to watch:
NHPC Fut Short- The stock's trend from past few weeks is quite bullish and it is sustaining on its rising trend line, but for upcoming trading sessions slight correction can be expected, thus one can go short in NHPC fut below the level of 26.85 for tgts of 25.65 with a strict SL order to be placed at 27.45
ECLERX IN NSE CASH BUY- Overall trend of the stock is bullish. It is trading in range after a recent corrective movement, also it is sustaining below the trend line and below the resistance level of 1222. It is likely to continue its northward journey with the crossing of its resistance level. Traders can get the target of 1295 and 1365 above the resistance level, for which one should keep stop loss of 1150.