Friday, February 12, 2010

Weekly Outlook Indian Stock Market (15 - 19 Feb)

High: 4843.80
Low: 4675.40
Close: 4726.85
Change: +69.60
RSI (14 Days): 49.99
Pivot: 4782
Support: 4720, 4614
Resistance: 4889, 4950

Medium Term
Nifty is in down trend (from 5th Feb.) with targets of 4740**, 4600, 4460.
The down trend will ‘terminate’ above 4951.
Short Term
Nifty is in uptrend (from 11th Feb.) with targets of 4880, 4900, 4960.
The uptrend will ‘terminate’ below 4748.

  • Nifty February future discount converted in to premium of 2 points so cost of carry increased. (Bullish)
  • Nifty open interest decreased by 13 lacs suggests short covering. (Total OI now at 3.18 cr)
  • Nifty calls shed 17 lacs and puts added 19 lacs in open interest. (Bullish)
  • Nifty open interest put-call ratio is at 1.05.
  • 4800 puts had open interest of 61 lacs ( +8%) and 5000 calls had open interest of 60 lacs (-7%), so 4800 and 5000 will be important levels to watch for.
  • India VIX closed at 28.81, decreased by 5.7% suggests stability. (Bullish)
  • In Nifty stocks, advance-decline ratio is 44/6. (Bullish)
Thanks and Regards

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