Intraday Trend-13/05/2013

Markets rallied for the whole week and settled above their crucial resistance levels with support of better than expected IIP data. Nifty future resisted near 6090 in the intraday session and bulls carried the index towards the next resistance of 6120. This bullish rally will find immediate resistance of 6150 surpassing which 6200 is seen as next resistance. On lower side 6050 is seen as strong support for the coming session.

TREND: SIDEWAYS

SUPPORT : 6060 & 6020
RESISTANCE:   6170 & 6220

Major Market News:

• Nifty crosses 6,100 in trade; auto, consumer durables lead.
• European shares hit five-year highs.
• March IIP at 2.5% as capital goods, manufacturing lead.
• NTPC Q4 profit jumps 69% on one time gain.
• Piramal Enterprises acquires 10% stake in Shriram Transport.

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