Market outlook for 01/06/10

Nifty rose 19.75 points or 0.39% to 5086.30 whilst Nifty June Future closed at 5056.20 discount of 30.1 points.

• FII bought in Cash (Net buy 586.51 Crore)
• FII bought in index options and stock futures but sold in index futures (Net buy 1030.97 Crore)
• DII sold in Cash (Net sell 73.77 Crore)
• US market was Closed on Monday.
• Global cues are flat to Negative.
• SGX nifty is Negative as of now.
• Most Active Nifty June Call Option: 5100 and 5200.
• Most Active Nifty May Put Options: 4900 and 5000.
• Advance Decline for the day was 742:561

NIFTY Technical

Current Spot: 5086.30
Pivot: 5074
3DEMA: 5047
7DEMA: 5008
20DEMA: 5045
100DEMA: 5133
RSI (7 days): 59.17
Parabolic SAR: 4804
Supports: 5051 - 5015
Resistance: 5110 - 5133

MP Values Spot: VAH - 5078, POC - 5067, VAL - 5051
MP Values Futures: VAH - 5055, POC - 5038, VAL - 5026

Target Nifty
Buy Nifty above 5060 - 5078 - 5102 - 5134 SL - 5045
Sell Nifty below 5040 - 5026 - 4994 - 4970 SL - 5050

Swing Trade
Neyveli lignite (148.40)

After making low of 138 on 27 May 2010, since then stock is making higher highs and higher lows and it seems stock is bottomed out. 3 days EMA has given positive crossover to 8 days EMA and also stock has given strong close above 20 & 50 days EMA. Four and half month old downward slopping trend line breakout placed at 149 levels. Looking at all above technical parameters traders with moderate risk appetite can consider Buy above 149 with tight stop loss of 145 for a Target of 156.

Stock Ideas for the Day
Reliance Industries: Buy above 1048 for targets of 1051, 1058, 1070 SL of 1038
Reliance Industries: Sell below 1036 for targets of 1033, 1024, 1016 SL of 1044
REC Ltd.: Buy above 292 for target of 296, 301 SL 289
Karnataka Bank: Buy above 172 for target of 176, 181 SL 167

Positional Call
Mundra Port: Buy above 697 for target of 724 SL 683 (One Week)
RCF: Buy above 81.5 for target of 85 SL 79.5 (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.