Nifty Weekly Update for April 27-29 - Inder Bhatia

Buy ADLABS 238.70 TGT 247>263 Stoploss 231.

From the Nifty weekly chart we can see a breakout and a close above the major downward sloping line. The next resistance is 3793 and a strong support at 3240-3173.

Weekly: Last week the market extended the gains by 2.8 percent in the Nifty which rose for seven consecutive weeks. We also saw bulls and bears fighting near the 200 DMA but the bulls won the battle and closed above 200-DMA. This indicated more upside toward 3640-3793.

Daily: On the daily chart Nifty shows a pennant breakout which is a bullish pattern with a logical target of 3750. For the coming session if Nifty crosses 3514 it will test 3583-3643. On the lower side closing below 3423 it will test 3383-3353. The market is trading in an overbought zone on a daily chart. The stoploss for longs would be 3290 to 3440 on a closing basis.

Buy ABGSHIP above 137.50 TGT 145>157 Stoploss 131.

Buy CENTURY TEX ABOVE 239 TGT 250>255STOPLOSS 233.

Buy SINTEX above 142 TGT 146>150 Stoploss 139.

Buy AXIS BANK 532 TGT 545 >561 Stoploss 523.

Hourly: The Indian market opened on a flat note and remained choppy throughout the first session but saw smart buying in the afternoon and closed near the day's high.

For coming session if Nifty trades above 3513 it will test 3583 and 3630. On the lower side 3440-3421 zone would act as a support zone. For longs 3440 would be a stoploss on closing basis.