Market outlook for 02/09/10

Nifty closed up 69.45 points (1.29%) at 5471.85 whilst Nifty September Future closed at 5477.95 premium of 6.10 points.

• FII bought in Cash (Net buy 359.81 Crore)
• FII bought in index future and stock future but sold in index option (Net buy 682.71 Crore)
• DII bought in Cash (Net buy 168.56 Crore)
• US market is trading in GREEN.
• Global cues are Positive.
• SGX nifty is positive as of now.
• Most Active Nifty September Call Option: 5400 and 5500.
• Most Active Nifty September Put Options: 5400 and 5300.
• Advance Decline for the day was 1119:220

NIFTY TECHNICAL

Current Spot: 5471.85
Pivot: 5456
5DEMA: 5445
10DEMA: 5453
20DEMA: 5449
50DEMA: 5382
RSI (7 days): 54.31
Parabolic SAR: 5527
Supports: 5434 - 5396
Resistance: 5494 - 5516

Nifty VWAP: 5447.41
Bank Nifty VWAP: 10831.67
MP Values Spot: VAH - 5451, POC - 5438, VAL - 5424
MP Values Futures: VAH - 55452, POC - 5434, VAL - 5419
MP Values Bank Nifty Futures: VAH - 10845, POC - 10825, VAL - 10780

OVERALL VIEW

Nifty closed at 5472, above all daily moving averages, the 5day SMA crossed over 5day EMA which is bullish. As stated yesterday, the buyers stepped in to take Nifty to safe levels for the time being. (See Tech Table for details). Now to carry on with the upward momentum Nifty need to close the week above at least 5450. Daily RSI has given an uptick from oversold levels, stochastic has given a positive crossover and is in uptrend, the volume was average.
Nifty today closed near the sell off zone from previous days, a good follow up action can take it to higher levels. The channel support is at 5350, the trend line resistance is now placed at 5500. Trade the range of 5350-5500 till it gets resolved.

TARGET NIFTY
Buy Nifty above 5482 - 5504 - 5533 - 5580 SL - 5457
Sell Nifty below 5451 - 5433 - 5386 - 5357 SL - 5462

INTRADAY TRADE
Reliance Industries: Buy above 939 for targets of 944, 954, 967 SL 931
Reliance Industries: Sell below 929 for targets of 926, 917, 907 SL 936
Hanung: Buy above 311 for targets of 315, 321 SL 303
DishTV: Buy above 54 for targets of 55, 56.2 SL 52.7

SCORE SHEET
Karurvysya: Buy above 750 for targets of 757, 765 SL 742: Target 809.80 achieved
TataGlobal: Buy above 121 for targets of 122, 123.8 SL 119: Target 123.65 achieved

POSITIONAL TRADE
UBL: Buy above 425 for target of 490 SL 398 (One Month)
SesaGoa: Buy above 326 for target of 342 SL 316 (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