Market outlook for 20/05/10

Nifty fell 146.55 points or 2.89% to 4919.65 whilst Nifty May Future closed at 4922.90 premium of 3.25 points.

• FII sold in Cash (Net sell 1383.91 Crore)
• FII bought in index options and stock futures but sold in index futures (Net buy 1122.37 Crore)
• DII bought in Cash (Net buy 56.35 Crore)
• US market ended Negative.
• Global cues are flat to Negative.
• SGX nifty is Negative as of now.
• Most Active Nifty May Call Option: 5100 and 5000.
• Most Active Nifty May Put Options: 4900 and 5000.
• Advance Decline for the day was 159:1151

NIFTY Technical

Current Spot: 4919.65
Pivot: 4949
3DEMA: 5000
7DEMA: 5060
20DEMA: 5138
100DEMA: 5080
RSI (7 days): 24.37
Parabolic SAR: 5144
Supports: 4878 - 4837
Resistance: 4991 - 5062
MP Values Spot: VAH - 5020, POC - 5002, VAL - 4956
MP Values Futures: VAH - 5020, POC - 5000, VAL - 4952

Over all view
Nifty finally broke the last trendline support with a huge bear candle on good volumes and very negative breadth. Strong support of Monthly Low EMA at 4895 and positive divergence on half hourly charts suggest support may be near.
Resistance at 5037, 5078 whereas Support at 4895, 4871.

Target Nifty
Buy Nifty above 4952 - 4992 - 5064 - 5111 SL - 4945
Sell Nifty below 4916 - 4878 - 4832 - 4760 SL - 4950

Stock Ideas for the Day
Reliance Industries: Buy above 1009 for targets of 1013, 1024, 1033 SL of 1001
Reliance Industries: Sell below 994 for targets of 990, 984, 970 SL of 1006
Aqua: Buy above 443 for target of 446, 453 SL 437
RNRL: Buy above 46.8 for target of 48, 50 SL 46.2

Positional Call
Berger Paints: Buy above 65 for target of 71 SL 63.5 (One Week)
Prithvi Info: Buy above 47.8 for target of 54 SL 46 (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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