The Nifty hits the 52-week high as it crosses the 5400 levels for the first time in 30 months.
The markets rallied for the third consecutive day on account of the supportive global cues. During the day, the Sensex hit the 18000 levels for the first time since April 2010 while Nifty hits the 5400 levels for the first time in 30 months. However, it could not sustain such high levels and pared its gain as India's Index of Industrial Production (IIP) data for the month of May came in at 11.5% against 17.6% in the previous month, which was below market expectation. In the afternoon session, the Index regained strength as the European markets opened positive. Sensex closed at 17937, 104 points higher. The Nifty closed at 5383, 31 points higher.
The market breadth was constructive. Realty, IT and Banking sectors helped to raise the market where as marginal selling pressure was witnessed in Oil & Gas, CD and HC sector stocks.
Nifty Futures closed on a new high in past 4 months confirming strength on daily closing chart. Now the level to watch on intraday basis is 5330 which is an intermediate bottom. A corrective trend may be seen in Nifty Futures only below 5330. The intraday support levels are at 5360 and 5330 where as resistance levels are placed at 5415 and 5450 levels respectively.
Today's Reco: Buy UNITECH around 78.55 with strict stoploss of 76.65 for a target of 81 and 83 within this week.
Buy NIFTY FUTURE above 5405 with strict stoploss of 5379 for a target of 5435 and 5450.
