Weekly Market Updates for May 19-23 - Tanmoy Ghosh

The Nifty Spot gained 185.30 points last week, which is very bullish for the market. If this sustains above the 5160 level, then T1 is 5201, and above this 5216 and 5229.
There will however be strong resistance 5176 and 5191. Below 5150, Nifty will be weak with downside targets as 5104-5094.

As you all have seen, Nifty turned on my prediction of April 17, when everybody was saying that the market would go down. Now again I am saying that the trend reversal dats would be May 22, 2008, adding or subtracting 1 day. Even if the market comes down, it will be a temporary correction.

Stocks to watch are MARUTI \ IFCI \ RAJESHEXPO and M&M.

Good luck.