Market outlook for 14/05/10

Nifty rose 22.25 points or 0.43% to 5178.90 whilst Nifty May Future closed at 5178.15 discount of 0.75 points.

• FII sold in Cash (Net sell 15.57 Crore)
• FII bought in index options, index futures and stock futures (Net buy 1863.25 Crore)
• DII bought in Cash (Net buy 222.40 Crore)
• US market ended flat to Negative.
• Global cues are flat to Negative.
• SGX nifty is flat to Negative as of now.
• Most Active Nifty May Call Option: 5300 and 5200.
• Most Active Nifty May Put Options: 5100 and 5200.
• Advance Decline for the day was 833:469

NIFTY Technical

Current Spot: 5178.90
Pivot: 5186
3DEMA: 5162
7DEMA: 5157
20DEMA: 5192
100DEMA: 5071
RSI (7 days): 50.53
Parabolic SAR: 5214
Supports: 5160 - 5141
Resistance: 5205 - 5232
MP Values Spot: VAH - 5201, POC - 5189, VAL - 5173
MP Values Futures: VAH - 5209, POC - 5191, VAL - 5184

Over all view
Yesterday again nifty has formed “High wave Candle” but important point to note here is that from last two days nifty is making higher highs and higher lows and given crucial close near 50 day EMA on daily chart. Daily momentum indicators are still in jittery mode. Important support placed in the range of 5145-5122 levels and important resistance placed in the range of 5192-5210 levels. Over all scenarios slightly favors bulls.

Target Nifty
Buy Nifty above 5191 - 5206 - 5237 - 5259 SL - 5185
Sell Nifty below 5170 - 5159 - 5137 - 5106 SL - 5190

Swing Trade
PFC (290.05) – Rising Price Channel

Yesterday stock has given close on the verge of upper end of “Rising Price Channel” pattern; more over stock has also broken important resistance of 285 levels. In addition yesterday’s volume was also supported by daily momentum indicators with buy signal. Weekly Volume also started increasing compare to previous week and Weekly RSI has given positive crossover to signal line. Looking at all above evidence traders with moderate risk appetite can consider Buy above 292 with tight Stop Loss of 285 (closing basis) for a Target of 315.

Stock Ideas for the Day
Reliance Industries: Buy above 1081 for targets of 1087, 1104, 1118 SL of 1073
Reliance Industries: Sell below 1066 for targets of 1061, 1055, 1047 SL of 1078
Astec: Buy above 61.6 for targets of 63, 65 SL of 60.2
IndHotel: Buy above 118 for targets of 118.7, 120 SL of 116.3

Positional Call
ABG Shipyard: Buy above 276 for target of 292 SL 265 (One Week)
Everest Kanto: Buy above 139 for target of 136 SL 148 (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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