Sunday, August 29, 2010

Market outlook for 30/08/10

Nifty closed down 69.20 points (1.26%) at 5408.70 whilst Nifty September Future closed at 5415.75 premium of 7.05 points.
  • FII sold in Cash (Net sell 108.16 Crore)
  • FII bought in index options but sold index futures and stock futures (Net buy 2483.64 Crore)
  • DII bought in Cash (Net buy 239.60 Crore)
  • US market ended in Green.
  • Global cues are flat to positive.
  • SGX nifty is positive as of now.
  • Most Active Nifty September Call Option: 5500 and 5600.
  • Most Active Nifty September Put Options: 5500 and 5400.
  • Advance Decline for the day was 303:1051
NIFTY TECHNICAL
Current Spot: 5408.70
Pivot: 5428
5DEMA: 5462
10DEMA: 5469
20DEMA: 5455
50DEMA: 5383
RSI (7 days): 36.27
Parabolic SAR: 5550
Supports: 5373 - 5337
Resistance: 5464 - 5519
Nifty VWAP: 5449.91
Bank Nifty VWAP: 10844.90
MP Values Spot: VAH - 5494, POC - 5470, VAL - 5442
MP Values Futures: VAH - 5489, POC - 5475, VAL - 5449
MP Values Bank Nifty Futures: VAH - 10983, POC - 10955, VAL - 10821

OVERALL VIEW
Nifty closed below all daily moving averages and also below weekly 5EMA at 5409, signifying weakness in the index. (See Tech Table for details). Nifty got the much needed support at 50SMA at 5397 and bounced back to close just over it. Nifty need to close above daily 5EMA at 5462 to carry on with the upward momentum, and any close below 5373, it goes into bear grip. RSI is in downtrend from overbought levels; stochastic has given a negative crossover and is in downtrend, the volume was average.
The trend line resistance is at 5485 and the channel support at 5350. Trade the range of 5350 to 5485 for the time being till it gets resolved.

TARGET NIFTY
Buy Nifty above 5439 - 5468 - 5524 - 5560 SL - 5432
Sell Nifty below 5408 - 5382 - 5345 - 5290 SL - 5437

INTRADAY TRADE
Reliance Industries: Buy above 957 for targets of 959, 964, 970 SL 950
Reliance Industries: Sell below 945 for targets of 943, 940, 932 SL 955
Escorts: Buy above 197 for targets of 200, 204 SL 195
Spicemobil: Buy above 84 for targets of 86.5, 89 SL 83

SCORE SHEET
Crompgreav: Buy above 308 for targets of 311, 315 SL 302: Target 309.50 achieved
Finpipe: Buy above 102 for targets of 104.5, 107 SL 101.2: Target 103.70 achieved

POSITIONAL TRADE
FDC Ltd: Buy above 105.5 for target of 117 SL 102 (One Month)
BPCL: Buy above 782 for target of 825 SL 774 (One Week)

 
Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.

 
Thanks and Regards

 
S&P Wealth Creators

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