Nifty Update for June 1 - Inder Bhatia

Nifty weekly chart seen breakout and closed above major downward sloping line next resistances 4600 and strong support 3793-4000.

Last week sensex gained 5.3 percent and nifty 5 percent respectively. The Sensex closed with twelfth consecutive weekly gain. Moving ahead on the upside there are multiple resistance zones of 4500-4530-4600, so the coming week one could buy stock with stoploss. However, if the market reverses one should not stuck at higher levels. On the daily chart RSI is still high and the market is overbought, and the gap needs to be filled at least partially. For the coming week, the level to watch is the 4500-4530 zone, and closing below 4430 Nifty will test 4197-4050.

The Indian market opened on higher note tracking positive cues from global market and closed with with good gains. For the coming session on hourly chart it is witnessing negative divergences on the RSI and on the upside 4500-4530 will act as the resistance zone. On the lower side 4430-4403 level act as support zone.

BUY RELIANCE IND INFRA 1145 TGT 1210>1285>1330 STOPLOSS 1085.

HOT STOCKS

Buy ALPHAGEO 209 TGT 225>241 Stoploss 199 -- Short-term.

Buy TITAN above 1078 TGT 1094>1113.50 Stoploss 1062 -- Short-term.

Buy HERITAGE FOODS 79 TGT 110>135 Stoploss 68 -- Short-term.

Buy DLF below 406 TGT 414>420 Stoploss 400.