MARKET TREND:NIFTY OUTLOOK FOR 6 MARCH 2013

Buy Relinfra 460 call @ 7.80 tg 9.90,12.50 sl 5.40

NIFTY OUTLOOK FOR TOMORROW

Nifty was to 5,784.25, its highest closing level since 27 February 2013. The index hit a high of 5,790.10 in intraday trade. The index hit a low of 5,722 in intraday trade.The Nifty needs to cross 5740 and stay above that to signal the continuation of the corrective swing. Initially, after opening the supply zone that we ought to monitor very closely is located between 5720 and 5740.....

This is the key resistance area: once we see the index getting past on the back of strong volume activity and fresh long position build up, we can expect further continuation of the rally.Coming back to the Nifty, beyond the level of 5740, the next target and the resistance zone is likely to be seen above 5760. Once this decisively cleared, we can make our first projection for the nascent corrective swing to anywhere between 5800 and 5820. The mean level of 5835 is a strong resistance anyway.

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RESISTANCE:5720 5760, 5800

SUPPORT:     5700, 5680, 5650