Market outlook for 30/06/10

Nifty fell 77.35 points (1.45%) to 5256.15 whilst Nifty July Future closed at 5266.45 premium of 10.3 points.

• FII sold in Cash (Net sell 261.15 Crore)
• FII sold in index futures and stock futures but bought in index options (Net sell 791.06 Crore)
• DII sold in Cash (Net sell 114.71 Crore)
• US market ended in RED.
• 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 386:924

NIFTY Technical

Current Spot: 5256.15
Pivot: 5272
3DEMA: 5285
7DEMA: 5285
20DEMA: 5217
50DEMA: 5182
RSI (7 days): 50.66
Parabolic SAR: 5362
Supports: 5220 - 5184
Resistance: 5308 - 5360

MP Values Spot: VAH - 5295, POC - 5249, VAL - 5238
MP Values Futures: VAH - 5289, POC - 5255, VAL - 5241

Over all view

Nifty on Tuesday gaped down and re-entered the down trending channel, closing below 5285 the monthly high EMA and Weekly high EMA, confirming the breakout on Monday to be false one. Nifty closed below Day Low EMA just above the channel bottom at 5235 which is bearish in nature. RSI and Stochastic are both looking down from overbought level.
Break of the down trending channel can get support near 20 SMA at 5194. Sell on rally till the channel resistance at 5330 is taken out convincingly.

Target Nifty
Buy Nifty above 5280 - 5310 - 5357 - 5393 SL - 5274
Sell Nifty below 5259 - 5233 - 5196 - 5150 SL - 5279

Stock Ideas for the Day
Reliance Industries: Buy above 1080 for targets of 1083, 1089, 1098 SL of 1072
Reliance Industries: Sell below 1062 for targets of 1059, 1050, 1036 SL of 1077
Nissan Copper: Buy above 56 for target of 58, 61 SL 54.9
Ing Vysya Bank: Buy above 344 for target of 349, 354 SL 338

Positional Call
TV18: Buy above 92 for target of 100 SL 92 (One Month)
HDIL: Buy above 246 for target of 260 SL 241 (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