Intraday View For 16/04/08

Nifty: Resistance 4971/ 5020/ 5045
Supports 4710/ 4690/ 4620

View: Nifty gave much needed break out yesterday. Now the strong hurdle is 5020 level. If crossed & sustains it may take it to next target of 5200. Still cautious at every upmove. Results season has started so we may get some good reasons to go up.
Few days back I asked to buy IT & OIL Stocks… till now these two sectors has out performed. Those holding may start booking profits at higher levels. Asian markets at the time of writing were all trading in GREEN. So we may too see a Positive opening.

Intraday Trades: Essar Oil, GMR Infra, Bajaj Hind