Jai Ho for May 18 - Inder Bhatia

Buy ABB above 495 TGT 538>551 Stoploss 481.

BUY OBC above 143 TGT 151>163 Stoploss 137.

Buy SIEMENS above 371 TGT 389>407 Stoploss 355.

Buy IDEA above 66>73>76.90 Stoploss 63.50.

On the weekly chart, Nifty shows a breakout and closed above major downward sloping line. Next resistance is 3793 with strong support 3240-3173.

Last week Sensex gained 2.5 percent and Nifty 1.4 percent respectively. Sensex closed with tenth consecutive weekly gain. As poll results showed a great victory for UPA, we could see positive sentiments for stock market.

On the daily chart Nifty was hovering in the range 3500-3700 and very close to strong resistance zone of 3800. For the coming session we could see a gap-up celebrating UPA victory and test 3937-4000. On the lower side 3530-3470 will act as a support zone.

The Indian market opened on a higher note taking cues from the global market and saw smart buying in final trading session to close near the day's high. For the coming session we have seen a clean victory for the UPA which will be positive for the stock market. We can see gap-up opening and Nifty could test 3850-3923.