1. Axis Bank March Future (Rs. 1145)

Buy only on a move above 1153 with a stop loss below 1141 for an intra-day target of 1172.

2. Welspun Gujarat March Future (Rs. 268)

Buy only on a move above 271 with a stop loss below 267 for an intra-day target of 277.

Nifty - Last Leg Of The Current Phase

The Nifty gained 33 points over the day to close at 5231. With
the momentum back in place the markets rallied further
yesterday and tested the levels of 17500/5250. To an extent the
Indian markets underperformed the rest of Asia by closing with
minor gains while most other indices registered gains of 1-2.5%.
The same is understandable as the Nifty witnessed a
phenomenal rally on Tuesday and therefore some cool-off was
likely, which was seen in the second half yesterday. The set-up
continues to be positive as the technical indicators are yet to see
any divergence. Even the oscillators are not yet abnormally
overbought and hence some more upside can be expected. The
“U” shaped pattern on the indices should get completed with the
indices hitting the resistance zone of 17700-17800/5270-5300
anytime in the next few days. Once done we believe the markets
should get into pullback mode and the extent of the same would
be known later. For the day, support seen at 5223. Overall, the
indices are in the last leg of the upmove that began on the
Budget day with upside capped to the Jan ’10 highs.

Stocks which performed really good in todays market are : ITC, axis bank, yes bank and HUL. Investing in good performing stocks helps in earning profitable returns. I found that stocks of Eicher motors are not performing well from two days and are among market losers.