Downside continues, Nifty tested 7120

Market continued a pessimism as it gave negative closing for the third consecutive session. Today Nifty tried to maintain into green but last half an hour it witnessed profit booking and lost the positiveness.
Sensex lost 39.71 and Nifty50 slipped by 10.65 points and ended at 24194.44 and 7225respectively. Adjusted closings were 24217.34(-16.81) & 7229.95(-5.7). Among NSE Sectoral indices, CNX PSU Bank index which was down by 2.68% and Banknifty which turned to negative by 1.58% hit the market and pulled down the overall benchmark. Hindunilever was the top gainer among Nifty50 stocks, closed at 597.3 with up 7.34%. Bankbaroda was the top loser by 4.2%, closed at 840.
Advance Decline ratio was on negative side as 560 stocks gained and 604 stocks declined today on NSE. Tatamotors was the turnover topper by the quantity traded and ICICIBank by the traded value for today on NSE.

Nifty Outlook :
Market is wait n watch mood. Nifty tumbled nearly 386 points in this week(High of 7504 and today's low 7118.45). Nifty made a weekly high of 7504 in the very first day of the week and profit booking threw the market to settle at 7359 on the same day. May expiry (which contained 24 sessions which is usually on highest side after excluding 1st May and election holiday) resulted into winding up long positions as premium eroded from 35-45 points to 5 rupees at the time of today's clsoing. Nifty Fut ended at 7230 whereas spot Nifty ended at 7225. Nifty has set some resistances on its own in recent swings. Major support for the Nifty is at 7040 to 7000 levels. Q1 FY2014-15 results will be announced by 2nd June and new cabinet actions will guide the market direction.
Major Supports : 7040                                                                             Major Resistance : 7340 
Immediate Support : 7190                                                                        Immediate Resistance : 7270.

Nifty closed above 7000 mark, Sensex above 23500.. Is this a new beginning ??

Another tide for market to close at new all time high.
Nifty gained 155.45 points to close at 7014.25 and Sensex zoomed 556.77 points to record new closing high of 23551.00.
Coal India was the top gainer among Nifty50 stocks, rose 6.11% whereas Mcdowell-n was the top loser by 2.72%.
All among CNX sectoral indices, all the indices closed into green except CNX Pharma.
CPSE index gained the most by 3.98% led by Coalindia, IOC and PFC; followed by PSE(3.25%), Energy(3.05%) and Media(3.0%)
Advance decline ratio was marginally on positive side as 566 stocks gained and 483 stocks declined and 49 remained unchanged today on NSE.

Nifty Outlook :

Last two session, we have witnessed a massive all rounded rally on the bourses. But Nifty May Fut have recorded a 20% lesser volume than of Friday, 9th May. As we are into a zone of new highs, no barriers will be set for the Nifty technically, but 7135-7240 level will be the level where we must book our extended profits.In last week, Nifty has taken support from 6640 level, mentioned on our page on faebook https://www.facebook.com/pages/Integrity-Financial-Consultants/262737967138245
Major support : 6700-6640

Possibility of NDA gaining majority with figure around 270-300 will definitely set a trigger for market but we must remember that market has already discounted the thing.
Another possibility of hand in hand position with BSP/ SP or TCP, in that case, I personally feel no one will agree on NAMO as PM. President of BSP will show her eagerness for Sushmaji instead as BSP president wont be ready for Rjnathji as he may prove his power against her in UP.
In case of SP, all cards will be played in blind !. Nothing different with the unpredictable woman of Bengal, Ms.Banerjee. Speaking with AIADMK, it will become dominant if gets 22-27 sets but another possibility of staying back in TN, she will support BJP and demand for a special robust package. Or we never know she may be the new limelight face for PM.
Our expectations on results :

	STATE	SEATS	CONG	BJP	NDA         Allies	Others
1	ANDHRA PRADESH	42	4	4	14	20
2	ARUNACHAL PRADESH	2	1	1		0
3	ASSAM	14	7	5		2
4	BIHAR	40	2	22	5	11
5	CHHATTISGARH	11	2	9		0
6	DELHI	7	0	6		1
7	GOA	2	1	1		0
8	GUJRAT	26	2	24		0
9	HARYANA	10	3	5	1	1
10	HIMACHAL PRADESH	4	1	3		0
11	J&K	6	2	2		2
12	JHARKHAND	14	1	10		3
13	KARNATAKA	28	11	16		1
14	KERALA	20	8	1		11
15	MP	29	3	26		0
16	MAHARASHTRA	48	8	20	16	4
17	MANIPUR	2	2	0		0
18	MEGHALAY	2	1	0		1
19	MIZORAM	1	1	0		0
20	NAGALAND	1	1	0		0
21	ORRISA	21	3	5		13
22	PUNJAB	13	5	3	5	0
23	RAJASTHAN	25	1	24		0
24	SIKKIM	1	0	0		1
25	TAMILNADU	39	1	2	5	31
26	TRIPURA	2	0	0		2
27	UTTARAKHAND	5	1	4		0
28	UP	80	8	40		32
29	WB	42	4	2		36
30	ANDMAN & NICOBAR	1	0	1		0
31	CHANDIGARH	1	0	1		0
32	DADRA & NAGAR HAVELI	1	0	1		0
33	DAMAN DIU	1	0	1		0
34	LAKSHDWEEP	1	1	0		0
35	PUDDUCHERRY	1	0	0		1
		543	85	239	46	173