Sunday, September 12, 2010

Market outlook for 13/09/10

Nifty closed up 32.20 points (0.57%) at 5640.05 whilst Nifty September Future closed at 5631.85 discount of 8.2 points.
Bank Nifty closed down 256.65 points (2.29%) at 11446.70 whilst September Future closed at 11388.20 discount of 58.5 points.
  • FII bought in Cash (Net buy 987.99 Crore)
  • FII bought in index future, stock future and index option (Net buy 2037.21 Crore)
  • DII sold in Cash (Net sell 201.53 Crore)
  • US market ended in Green.
  • Global cues are flat to positive.
  • SGX nifty is flat to positive as of now.
  • Most Active Nifty September Call Option: 5600 and 5700.
  • Most Active Nifty September Put Options: 5600 and 5500.
  • Advance Decline for the day was 698:647
NIFTY TECHNICAL
Current Spot: 5640.05
Pivot: 5632
5DEMA: 5587
10DEMA: 5545
20DEMA: 5506
50DEMA: 5428
RSI (7 days): 78.78
Parabolic SAR: 5377
Supports: 5616 - 5593
Resistance: 5656 - 5671
Nifty VWAP: 5620
Bank Nifty VWAP: 11316
MP Values Spot: VAH - 5637, POC - 5626, VAL - 5614
MP Values Futures: VAH - 5636, POC - 5630, VAL - 5618
MP Values Bank Nifty Futures: VAH - 11351, POC - 11298, VAL - 11263

OVERALL VIEW
Nifty closed at 5640, above all daily moving averages. Most of the SMA’s are now over their respective EMA’s which signifies bullish undertone. Nifty ended the day making a new high for the year. (See Tech Table for details). Daily RSI is in overbought zone above 70 levels, stochastic is in overbought territory but still no negative crossover, and the overall volume was good.
Nifty today made a high of 5647 and a low of 5608, and closed at 5640, which was a clean break out on the weekly charts. Now we need some follow up action on Monday to confirm the breakout. Nifty is moving in the up trending channel and the channel support is at 5550 and the resistance at 5680. Keeping your longs hedged will be good as nifty is at yearly highs and any negative global cues can take it down to support levels.

TARGET NIFTY
Buy Nifty above 5651 - 5672 - 5694 - 5758 SL - 5644
Sell Nifty below 5623 - 5605 - 5585 - 5535 SL - 5650

INTRADAY TRADE
Reliance Industries: Buy above 965 for targets of 967, 970, 975 SL 958
Reliance Industries: Sell below 954 for targets of 952, 949, 944 SL 963
BankIndia: Buy above 493 for targets of 498, 504 SL 484
Alembicltd: Buy above 65 for targets of 66, 67.5 SL 63.5

SCORE SHEET
UFlex: Buy above 183.5 for targets of 185, 188 SL 180: Target 185.5 achieved
Talwalkars: Buy above 245 for targets of 250, 258 SL 240: Target 254.9 achieved

POSITIONAL TRADE
Deltacorp: Buy above 51.5 for target of 56 SL 50 (One Week)
Paral: Buy above 505 for target of 553 SL 482 (One Month)

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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