Market outlook for 29/06/10

Nifty rose 64.45 points (1.22%) to 5333.50 whilst Nifty July Future closed at 5339.95 premium of 6.45 points.

• FII bought in Cash (Net buy 527.93 Crore)
• FII bought in index options and stock options but sold in stock futures (Net buy 527.93 Crore)
• DII sold in Cash (Net sell 94.88 Crore)
• US market ended just flat to Positive.
• Global cues are flat to Positive.
• SGX nifty is flat 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 927:385

NIFTY Technical

Current Spot: 5333.50
Pivot: 5320
3DEMA: 5295
7DEMA: 5365
20DEMA: 5213
50DEMA: 5179
RSI (7 days): 66.10
Parabolic SAR: 5365
Supports: 5301 - 5268
Resistance: 5353 - 5372

MP Values Spot: VAH - 5316, POC - 5299, VAL - 5288
MP Values Futures: VAH - 5320, POC - 5310, VAL - 5297

Over all view

Nifty on Monday gaped up over 5285 the monthly high EMA and continued its uptrend with some volatility. Nifty closed just above the breakout of the down trending channel and above the Day High EMA of 5329. As written yesterday any up move which clears the day high EMA will be bullish. So nifty is in again in uptrend but will require follow up buying support.
Any long should have intraday stop of 5285 and conservative stop of 5220 the channel support.

Target Nifty
Buy Nifty above 5344 - 5357 - 5376 - 5410 SL - 5323
Sell Nifty below 5318 - 5309 - 5275 - 5255 SL - 5328

Stock Ideas for the Day
Reliance Industries: Buy above 1093 for targets of 1097, 1104, 1115 SL of 1080
Reliance Industries: Sell below 1077 for targets of 1074, 1067, 1058 SL of 1085
ABG Shipyard: Buy above 265 for target of 269, 274 SL 260
MRPL: Buy above 73.7 for target of 75, 77 SL 72.7

Positional Call
ONGC: Buy above 1300 for target of 1380 SL 1268 (One Week)
Amtek India: Buy above 65.3 for target of 68 SL 64.6 (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