Nifty and Stocks Update for May 4 - Inder Bhatia

Buy INFOSYS above 1512 TGT 1571>1625 Stoploss 1485.

Buy FINANCIAL TECH above 706 TGT 723>739 Stoploss 693.

Nifty weekly chart has seen a breakout and close above the major downward sloping line. The next resistance for longs are 3793 with strong support at 3240-3173.

Last week market closed marginally lower by 0.2 percent and BSE Sensex gained 0.7 percent. From the last 13 trading sessions, Nifty is trading in the 3300-3500 zone. For the coming session we could see a breakout or breakdown.

If Nifty trades above 3520 it will test 3700 zone and trading below 3290 it will test 3200 zone. Nifty is still hanging around 200-day moving average and will act as as support zone for bulls. For the coming week, closing above 3496 levels it will test 3547-3613 zone and closing below 3440 it will test 3377-3290 zone.

The Indian market opened on a strong note with positive global cues and closed at the day's high. Nifty is witnessing major resistances near 3520 zone. If Nifty trades above 3480 it will test 3506-3522 zone. On the lower side trading below 3420 it will test 3397-3360 zone. On the hourly chart, all oscillators are showing divergences.This rally can be use for profit-booking on every rise.