Market outlook for 22/04/10

The key benchmark indices touched the day's low in the afternoon session and are trading in a tight range as profit booking emerged across counters. The key benchmark indices was seen hovering around the neutral line while the European shares extended the previous session gains on back of strong results at Apple Inc which had earlier uplifted the US stocks and Asian stocks respectively. Weakness in index heavyweights Reliance Industries (RIL), Larsen & Toubro and Infosys Technologies, pulled the market lower in the afternoon session. Among the sectoral indices 11 out of the 13 sectors were in green with Bankex, realty and Auto leading the indices while Oil&Gas and CG were the only two sectors in red.
Nifty closed the day at 5244.90 up by 14.80 points. Nifty April future closed at 5245.15, premium of 0.25 points.

• FII bought in Cash (Net buy 82.96 Crore)
• FII bought in stock futures and index options but sold in index futures (Net buy 473.28 Crore)
• DII bought in Cash (Net buy 25.25 Crore)
• US market ended Flat.
• Global cues are flat to Positive.
• SGX nifty is Negative as of now.
• Most Active April Nifty Call Option: 5300 and 5200.
• Most Active March Nifty Put Options: 5200 and 5300.
• Advance Decline for the day was 917:387

NIFTY Technical

Current Spot: 5244.90
Pivot: 5247
3DEMA: 5241
7DEMA: 5261
50DEMA: 5172
RSI (7 days): 43.21
Parabolic SAR: 5361
Supports: 5228 - 5211
Resistance: 5264 - 5283

Over all view
Nifty remained withing the range of the Inside day though it was a higher high and higher low than yesterday.Markets are in a flux and traders are getting whipsawed.Intraday charts are showing the latest action as an inverted head and shoulder pattern with the neckline at 5255-5260 for tomorrow. Break above it will give a move of about a 100 points.
Daily oscillators are showing strength and so are the half hourly oscillators. Moving averages as mentioned yesterday continue to be bearishly aligned.The pull back could continue till 5161 is held. Strong resistance at 5300-5320 and strong support at 5155-5160.

Target Nifty
Buy Nifty above 5251 - 5261 - 5379 - 5296 SL - 5244
Sell Nifty below 5237 - 5231 - 5214 - 5196 SL - 5249

Stock Ideas for the Day
Reliance Industries: Buy above 1064 for targets of 1067, 1082, 1092 SL of 1056
Reliance Industries: Sell below 1049 for targets of 1046, 1036, 1021 SL of 1061
DCB: Buy above 40.6 for targets of 41.5, 42.8 SL of 40
HCL Infosystem Ltd.: Buy above 130.2 for targets of 133.4, 136.5 SL of 127

Positional Call
GE Shipping: Buy above 330 for target of 361 SL 315 (One Month)
Cadila Healthcare: Buy above 546 for target of 570 SL 534 (One Week)

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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