Wednesday, February 10, 2010

Market outlook for 10/02/10

Domestic market shot up today to close higher after trading indolently during first half of the trading. Market extended gains to hit fresh day's high in afternoon trade on sustained buying interest seen in stocks. Besides, rebound in Asians stocks along with positive European markets and higher US index futures also aided to the positive sentiments. Benchmark indices exhibited weakness after opening, tracking Wall Street losses overnight. Afterwards, the markets witnessed a volatile session of trade with major indices moving in and out of the red zone.
Nifty closed the day at 4,792.65 up by 32.25 points. Nifty February Future closed at 4,788 discount of 4.65 points.
  • FII bought in index futures and stock futures but sold in Cash (Net bought 495.1 Crore)
  • US markets closed in Green.
  • Global cues are flat to Positive.
  • SGX nifty is Positive as of now.
  • Most Active February Nifty Call Option: 4800 and 4900.
  • Most Active February Nifty Put Options: 4800 and 4700.
Over all view
As discussed, support for the day was 4735 and made a low of 4735, resistance was 4825, high made 4825. Shorter time frame initiated a impulse move from the support zone discussed. Currently that's still on and positionally targeting a higher price.
Supports: 4785 is critical and it has closed just there for the day. Below that it can witness some weakness for intraday up to 4760-4725, where lies the most probable last support for this current up move. Further breakdown can bring 4700-4680-4640.
Resistances: 4825 is immediate. Above that it can turn more bullish for further target towards 4845-4860/75. 4875 will be an important hurdle for intra, where violation of that can certainly bring 4915-4935-4955/60.


NIFTY Technical
Current Spot: 4792.65
Pivot: 4780.80
3DEMA: 4780
7DEMA: 4810
20DEMA: 4932
RSI (7 days): 36.89
Supports: 4751 - 4710
Resistance: 4822 - 4852

Target Nifty
Buy Nifty above 4797 - 4827 - 4863 - 4910 SL - 4780
Sell Nifty below 4775 - 4749 - 4702 - 4666 SL - 4785

Stock Ideas for the Day
Reliance Industries: Buy above 997 for targets of 1003, 1011, 1020 SL of 994
Reliance Industries: Sell below 993 for targets of 988, 978, 971 SL of 995
Tata Steel: Buy above 534 for targets of 546, 559 SL of 520 (2-3 Days)
Essar Oil: Buy above 139 for targets of 143, 146 SL of 134 (2-3 Days)
Hindalco: Buy above 134.5 for targets of 136, 138 SL of 133.5

Positional Call
Polaris Software: Buy above 159.5 for targets of 170 SL of 149 (One Month)
GMR Infra: Buy above 55.50 for targets of 60 SL of 53 (One Week)

My Advice: Never Trade Blindly

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

Call 09831497250 or mail us @ S&P Wealth Creators with your Name and Mobile No. for subscription offer of intraday calls during Market hours.

Disclaimer
The calls given here are My Personal views, trading or investing in stocks is a high risk activity. Any action you choose to take in the markets is totally your own responsibility. S&P Wealth Creators will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information.
Investors should be cautious about any and all stock recommendations and should consider the source of any advice on stock selection. Various factors, including personal or corporate ownership, may influence or factor into an expert’s stock analysis or opinion.

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