Monday, February 22, 2010

Market outlook for 22/02/10

Today the key benchmark indices closed on a negative note though managed to come off from the day's low. The market saw an initial sharp slide which was supported by the US Federal Reserve's decision to lift its discount rate for the first time since the financial crisis. On the other hand, Asian stocks also fell after the US Federal Reserve raised its discount rate. Back home, the market did slide on the news of the India's economy which is likely to grow at over 7.2 per cent in the current fiscal year ending March 2010 and adding to the downfall was the concern showed by the prime minister's economic advisory council on the high food inflation which is spreading into broader prices.
Nifty closed the day at 4,844.90 down by 42.85 points. Nifty February Future closed at 4,848 premium of 3.1 points.
  • FII sold in index futures, stock futures, index options and cash (Net sold 1361 Crore)
  • US market was flat to Positive.
  • 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: 4900 and 4800.
Over all view
Supports: 4800 is immediate. But as one downward impulse is in course, targets can be deep below 4795/4790. 4750-4715 will be the immediate target in that case.
Resistances: 4885 very important place. Above that 4905-4925 is possible in no time. Further breakout can bring 4955-4960/80 before deciding any further moves.

NIFTY Technical
Current Spot: 4844.90
Pivot: 4834.15
3DEMA: 4862
7DEMA: 4851
20DEMA: 4890
RSI (7 days): 47.50
Supports: 4816 - 4788
Resistance: 4863 - 4880

Target Nifty
Buy Nifty above 4850 - 4886 - 4928 - 4973 SL - 4840
Sell Nifty below 4835 - 4805 - 4858 - 4715 SL - 4845

Stock Ideas for the Day
Reliance Industries: Buy above 987 for targets of 994, 1003, 1013 SL of 984
Reliance Industries: Sell below 984 for targets of 977, 968, 959 SL of 987
Unitech: Buy above 70.4 for targets of 70.9, 71.9 SL of 69.4
DLF: Buy above 295 for targets of 299, 307 SL of 293
AbgShip: Buy above 262 for targets of 270, 280 SL of 255

Positional Call
Kohinoor Foods: Buy above 54 for targets of 60 SL of 50 (One Week)
Astra Microwave: Buy above 74 for targets of 80 SL of 70 (One Week)
Onmobile Global: Buy above 376 for targets of 396 SL of 366 (Two Weeks)

Diversify your investments - John Templeton

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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