Market outlook for 28/06/10

Nifty fell 51.55 points (0.97%) to 5269.05 whilst Nifty July Future closed at 5283.70 premium of 14.65 points.

• FII sold in Cash (Net sell 307.62 Crore)
• FII sold in index futures and stock futures but bought in index options (Net sell 144.66 Crore)
• DII sold in Cash (Net sell 446.20 Crore)
• US market ended just flat.
• Global cues are flat to Negative.
• SGX nifty is Negative as of now.
• Most Active Nifty July Call Option: 5300 and 5400.
• Most Active Nifty July Put Options: 5300 and 5200.
• Advance Decline for the day was 445:855

NIFTY Technical

Current Spot: 5269.05
Pivot: 5281
3DEMA: 5294
7DEMA: 5282
20DEMA: 5201
50DEMA: 5169
RSI (7 days): 56.67
Parabolic SAR: 5367 (System short from 5273)
Supports: 5248 - 5226
Resistance: 5303 - 5336

MP Values Spot: VAH - 5301, POC - 5290, VAL - 5277
MP Values Futures: VAH - 5311, POC - 5289, VAL - 5285

Over all view

Nifty on Friday decisively broke 5285 the monthly high EMA and took support near the weekly high EMA of 5258, break of 5258 will take Nifty directly to 5220, the channel support. Break of 5220 and 5190 will be bearish for Nifty.
Any upmove which clears the day high EMA at 5323 will be bullish. So nifty is in corrective downtrend till the day high EMA is convincingly taken out.
Any longs should have intraday stop of 5220 and conservative stop of 5190. Sell on rise keeping stop of 5330.

Target Nifty
Buy Nifty above 5301 - 5318 - 5355 - 5379 SL - 5294
Sell Nifty below 5276 - 5262 - 5239 - 5202 SL - 5300

Swing Trade
HPCL (Buy CMP 402.20)

From last two weeks accumulation was going on in this counter on expectation of possible hike in oil and LPG prices to bridge the subsidy gap by EGoM. Today EGoM announces much awaited increase in prices of petrol, diesel and LPG which result in astronomical increase in the share prices of this counter. From here we expect rally to remain continue in this counter probably upto 440 mark.
Technical indicators like stochastic and RSI are suggesting an uptrend as they all are on the verge of entering into positive zone from neutral. Stock is also trading above 7 and 14 Day EWMA taking it as short and medium term support.
Buy at CMP for Target of 440, SL of 383

Stock Ideas for the Day
Reliance Industries: Buy above 1066 for targets of 1070, 1080, 1095 SL of 1055
Reliance Industries: Sell below 1053 for targets of 1050, 1036, 1026 SL of 1061
Core Projects: Buy above 233 for target of 236, 241 SL 229
ICICI Bank: Sell below 852 for target of 846, 838 SL 860

Positional Call
Tata Steel: Buy above 500 for target of 550 SL 482 (Two Weeks)
GTL Infra: Buy above 45.5 for target of 51 SL 42 (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

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