India Stocks Outlook: Volatile Wed ahead of Apr F&O expiry

[K.Karthik Raja]

India Stocks Outlook: Volatile Wed ahead of Apr F&O expiry
Tuesday, Apr 22
Key share indices are likely to remain volatile Wednesday, as
investors roll over positions to May derivatives contract a day ahead
of expiry of the April series.
Movement in local shares will also be determined by cues from
overseas markets. US futures were slightly up today after mixed
earnings from companies and ahead of important housing data.
Today, Nifty closed at 5049.30, up 12.30 points, or 0.2%, from
Monday. Sensex ended at 16783.87, up 44.54 points, or 0.3%.
Also, NSE's volatility index or VIX rose 30.85% from Monday.
Nifty is likely to move in a 200-points range in the next couple
of
sessions, with stock-specific action. It has resistance at 5100-5125,
beyond which it could see a further 40-45-point gain.Nifty is likely
to find support at 4994.
Support for the Sensex is seen between 16250-16400 while
resistance is pegged at 17000.
Real estate and bank shares could outperform the market in
coming sessions as they look strong on technical charts.
We are particularly positive on Unitech and said the stock could
attain its target of 299/315 rupees in 1-2 weeks.
Among banks, HDFC Bank looks strong on technical charts and can
touch 1,800 rupees in the next 10-12 sessions
Information technology shares are likely to remain weak as
investors
continue to book profits after the recent rise in the sector. End