Wednesday, March 3, 2010

Market outlook for 03/03/10

The first day of trade after the Union Budget showed that the market gave it thumbs up. The market ended a smart session and closed at nearly the high point of the day. Good February auto sales numbers saw the auto stocks buzzing (BSE Auto index up 4%) while realty stocks continued to be under pressure. The market breadth was positive with advances at 1035 against declines of 243 on the NSE.
Nifty closed the day at 5017 up by 94.7 points. Nifty February Future closed at 5034, premium of 17 points.
  • FII bought in index futures, index options, stock futures and cash (Net buy 4152.8 Crore)
  • US market ended in Flat.
  • Global cues are flat to Positive.
  • SGX nifty is Positive as of now.
  • Most Active March Nifty Call Option: 5000 and 5100.
  • Most Active February Nifty Put Options: 4900 and 5000.
Over all view
Supports: 4975-4960 is the support area as of now. Below that up to 4920-4880-4840, but in any case this a impulse move, it should go below 4960 zone
Resistances: 5050/60 remains intact. Above that 5095-5150-5220 positionally possible. But would like to book some profit from long around 5060 zone and wait for the proper signals.

NIFTY Technical
Current Spot: 5017.00
Pivot: 5005.05
3DEMA: 4954
7DEMA: 4910
20DEMA: 4897
RSI (7 days): 74.87
Supports: 4981 - 4944
Resistance: 5041 - 5066

Target Nifty
Buy Nifty above 5027 - 5047 - 5073 - 5114 SL - 5006
Sell Nifty below 5001 - 4984 - 4943 - 4917 SL - 5022

Option & Futures Call
Buy Nifty 5000CE at 112 for targets of 122, 134 SL 104.9

Stock Ideas for the Day
Reliance Industries: Buy above 992 for targets of 997, 1004, 1012 SL of 985
Reliance Industries: Sell below 978 for targets of 974, 970, 958 SL of 991
Exide Industries: Buy above 108 for targets of 110, 112 SL of 105 (1-2 Days)
Krbl: Buy above 25.25 for targets of 25.8, 26.5 SL of 24.75
Bhel: Buy above 2434 for targets of 2459, 2496 SL of 2407

Positional Call
Elecon: Buy above 78 for targets of 86 SL of 73 (One Month)
LT Foods: Buy above 60 for targets of 64 SL of 58 (One Week)

The key to making money in stocks is not to get scared out of them - Peter Lynch

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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