Market outlook for 31/05/10

Nifty rose 63.45 points or 1.27% to 5066.55 whilst Nifty June Future closed at 5041 discount of 25.55 points.

• FII bought in Cash (Net buy 409.68 Crore)
• FII bought in index futures and stock futures but sold in index options (Net buy 1295.39 Crore)
• DII bought in Cash (Net buy 342.63 Crore)
• US market ended in RED.
• 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 1000:314

NIFTY Technical

Current Spot: 5066.55
Pivot: 5054
3DEMA: 5008
7DEMA: 4982
20DEMA: 5045
100DEMA: 5112
RSI (7 days): 57.19
Parabolic SAR: 4792
Supports: 5030 - 4994
Resistance: 5090 - 5114

MP Values Spot: VAH - 5059, POC - 5045, VAL - 5029
MP Values Futures: VAH - 5036, POC - 5023, VAL - 5005

Over all view
Nifty has broken out decisively from the falling wedge, setting a target of 5380. Daily and weekly oscillators are signalling more upsides. However on a weekly basis the trend is still down with a higher high higher low candle. One can be cautiously long with a stop loss of 5017.
Resistances are 5095-5167-5212.
Supports are at 5017-4965-4930-4880.

Target Nifty
Buy Nifty above 5045 - 5063 - 5087 - 5121 SL - 5028
Sell Nifty below 5023 - 5009 - 4974 - 4950 SL - 5033

Swing Trade

Stock Ideas for the Day
Reliance Industries: Buy above 1039 for targets of 1043, 1052, 1068 SL of 1027
Reliance Industries: Sell below 1025 for targets of 1022, 1008, 999 SL of 1033
Unitech: Buy above 73.6 for target of 74.5, 75.6 SL 72.2
IOC: Sell below 340 for target of 336,330 SL 346

Positional Call
NIIT: Buy above 61.2 for target of 64.7 SL 57.8 (One Week)
Jindal Saw: Buy above 188 for target of 207 SL 181 (One Month)
IFCI: Buy above 53.5 for target of 60 SL 49 (One Month)

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.