Nifty Update for March 30 - Inder Bhatia

BUY ABAN ABOVE 445 TGT 470>484 STOPLOSS 427

The Indian market opened on a flat note and saw a choppy session, but managed to close in the green zone. For the coming session RSI is showing negative divergence on hourly chart, which indicates profit-booking around 3136-3153 zone. On the other side 3082-3067 zone will act as support zone.

BUY TATAMOTORS 191 TGT 197>204 STOPLOSS 184

Last week Sensex had crossed the psychological 10,000 mark and Nifty crossed 3100. On a daily chart Nifty is heading near the upper channel and with strong resistance zone at 3173-3240.

On the above chart, the bulls are trying to make a third attempt to crack 3180 on a closing basis while on the other side bears have failed their third attempt to crack the lower side below 2500, on closing basis.

We see that the RSI has crossed above 60, for the first time, in this bear market. This indicates the market is in the grip of bulls and they are trying to crack the band of 2500-3200. Technically, a third or fourth attempt makes bulls or bears weak to hold on to a specific zone. Market has move from 2500 to the 3100 zone without any correction, hence a correction is due.