Nifty Update for April 6 - Inder Bhatia

HOT STOCK: Buy RPL above 104 TGT 109>113 Stoploss 102.

HOT STOCK: Buy BHARATFORGE above 108.50 TGT 113>117>121 Stoploss 106.

Last week the market extended gains by 3.3 percent in Nifty and crossed the main hurdle of 3150. For the coming weeks, trading above 3250 would mean a test of 3353-3430. On the upside there is strong and major downward sloping trendline resistance near 3460.

Last week we had an update about RSI indicating about the trend shifting from Bears to Bulls and technically the third or fourth attempt makes bulls or bear weak to hold on the zone. For this week closing below 3130 it will kiss 3086-3039 levels.

The Indian market opened big gap-up and traded in one direction crossing the main hurdle 3170 level s and closed above 3200. For the coming session Nifty is heading toward a major hurdle at 3240. If nifty opens gap up on Monday above 3250, then it will head toward 3360-3400. On the other hand 3150-3055 would act as a support zone. Market is in the overbought zone.