WeeklyUpdates For 31May----InderBhatia

BUY ALLAHABAD BANK ABOVE 162.80 TGT 171>175 STOPLOSS157.50

BUY AMRUTANJAN AROUND 655-640 TGT 773>850 STOPLOSS630

Nifty weekly Invert Chart

Last week sensex ended with net gain of 2.54% and the Nifty gain by2.75 % .On the daily chart nifty rebound from the lower level and takeout 5030 level as lower top lower bottom formation and close above 5030 zone . Nifty still trading in channel and we just close around the upper side of channel 5088 zone will act resistance zone . On the lower side 4936-4906 will act as support for the week closing above 5083 it likely to test 5123-5186 zone On lower side breaking below 4786 zone it likely to test 4765-4660 zone and closing below 4810 zone on weekly basis nifty breakdown from the range or channel towards lower side and range target will 4028 zone . On weekly chart we are trading in channel nifty is near lower trend line of channel and good support zone .

The Indian market opened on gap-up and momentum was upside through out the session and close with green zone . For coming session 5083 level to watch for profit booking and good support around 4953-4936 zone for bounces On the other side above 5074 it likely to test 5110-5163 zone .

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