Market outlook for 30/04/10

Nifty was up by 38.70 points or 0.74% to 5254.15 whilst Nifty May Future closed at 5246.90 discount of 7.25 points.

• FII bought in Cash (Net buy 90.44 Crore)
• FII sold in index futures & stock options but bought in stock futures and index options (Net buy 6.74 Crore)
• DII bought in Cash (Net buy 266.76 Crore)
• US market ended in Green.
• Global cues are flat to Positive.
• SGX nifty is Positive as of now.
• Most Active May Nifty Call Option: 5400 and 5300.
• Most Active May Nifty Put Options: 5000 and 5200.
• Advance Decline for the day was 919:383

NIFTY Technical

Current Spot: 5254.15
Pivot: 5244
3DEMA: 5257
7DEMA: 5268
20DEMA: 5265
RSI (7 days): 45.83
Parabolic SAR: 5172
Supports: 5225 - 5196
Resistance: 5273 - 5292
MP Values: VAH - 5249, POC - 5239, VAL - 5230

Over all view
On 29th April, ADX was almost flat. Accumulation/Distribution, PVT & RSI pointing upward while CCI & CMF are flat to negative. MFI, Momentum, GMMA, Force Index are pointing upwards while MACD & Stochastic are pointing downwards.
Nifty took support at 5200, and just as I said, Nifty closed at 5250-5260 levels (5254) & it killed all the premium built at 5200-5300 levels. Now following the world cues, Nifty may again move upwards. Market is always supreme.

Target Nifty
Buy Nifty above 5249 - 5254 - 5266 - 5281 SL - 5238
Sell Nifty below 5233 - 5225 - 5216 - 5205 SL - 5244

Stock Ideas for the Day
Reliance Industries: Buy above 1038 for targets of 1041, 1050, 1062 SL of 1029
Reliance Industries: Sell below 1026 for targets of 1025, 1013, 1005 SL of 1034
Yes Bank: Buy above 295 for targets of 299, 306 SL of 288
JSWEnergy Ltd.: Buy above 124.5 for targets of 126.5, 130 SL of 122.8

Positional Call
GMR Infra: Buy above 66.5 for target of 69 SL 65.3 (One Week)
Uflex: Buy above 115 for target of 125 SL 110 (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

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