Market outlook for 21/06/10

Nifty fell 12.25 points (-0.23%) to 5262.60 whilst Nifty June Future closed at 5261.15 discount of 1.45 points.

• FII bought in Cash (Net buy 779.31 Crore)
• FII bought in index options but sold in index futures & stock futures (Net buy 127.83 Crore)
• DII sold in Cash (Net sell 499.76 Crore)
• US market ended Flat.
• Global cues are Flat.
• SGX nifty is flat to negative as of now.
• Most Active Nifty June Call Option: 5300 and 5200.
• Most Active Nifty June Put Options: 5200 and 5300.
• Advance Decline for the day was 394:917

NIFTY Technical

Current Spot: 5262.60
Pivot: 5270
3DEMA: 5252
7DEMA: 5203
20DEMA: 5127
100DEMA: 5172
RSI (7 days): 71.17
Parabolic SAR: 5138
Supports: 5238 - 5213
Resistance: 5295 - 5327

MP Values Spot: VAH - 5282, POC - 5272, VAL - 5254
MP Values Futures: VAH - 5288, POC - 5277, VAL - 5265

Target Nifty
Buy Nifty above 5273 - 5287 - 5315 - 5335 SL - 5266
Sell Nifty below 5253 - 5243 - 5223 - 5195 SL - 5271

Swing Trade
GE Shipping (CMP 298.45)

Positive crossover in RSI and minor double bottoms pattern in stochastic indicates that buying momentum is about to resume from current levels. As support for triangle is placed at levels of 285, the breakout will be considered as void if prices close below the levels of 285.
We advise buying stock in range of 295-300 with strict SL of 289 for target of Rs 320.

Stock Ideas for the Day
Reliance Industries: Buy above 1070 for targets of 1077, 1085, 1102 SL of 1062
Reliance Industries: Sell below 1049 for targets of 1043, 1028, 1003 SL of 1068
Rajesh Expo: Buy above 81 for target of 83, 86 SL 80
Crompton Greaves: Sell below 251 for target of 247, 243 SL 255

Positional Call
SKM Egg Products: Buy above 18.7 for target of 22 SL 17.5 (One Month)
Subex Ltd: Buy above 54 for target of 65 SL 52 (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.