Market Update for May 30 - Kailash Pareek

Before posting views, I would like to refresh what I posted on May 9.

"Today (Friday)'s fall was indicated in the last two posts on my blog. In my view, the worst is still not over. But, there is a pattern in progress which is overall bullish.The 1st support for Nifty spot is 4970–75, but I don’t think it will be able to hold. The 2nd support is 4875-80. While this is a better one, my experience says it does not seem well for this level too. The 3rd is 4775-80 now, and this is what I am looking for. So, we may see some more downside, but remember we are still in bull run, in long run. According to the pattern, Nifty has to stay above 4700. For me, this is the point I don’t want Nifty to break. "

Now, Nifty is near the magic figure of 4775-80. Any close below this would puncture the overall bullish pattern discussed on May 9. We could also see a huge selloff intraday, should this level be broken.

Stocks to trade:

SUZLON - Short below 272.50; T1 263; T2 251;
INDIACEM - Short below 154.25; T1 151; T2 145;
CROMPGREAV - Short below 220; T1 113;

As market will be very volatile because of Left Front meeting on petrol price hike, as well as weekly inflation numbers. Try and book profit intraday.