Market outlook for 17/08/10

Nifty closed down 33.80 points (0.62%) at 5418.30 whilst Nifty August Future closed at 5417.45 discount of 0.85 points.

• FII bought in Cash (Net buy 400.01 Crore)
• FII bought in index futures and index options but sold in stock futures (Net buy 150.67 Crore)
• DII sold in Cash (Net sell 433.91 Crore)
• US market closed flat to negative.
• Global cues are flat.
• SGX nifty is flat as of now.
• Most Active Nifty August Call Option: 5400 and 5500.
• Most Active Nifty July Put Options: 5400 and 5300.
• Advance Decline for the day was 481:856

NIFTY TECHNICAL

Current Spot: 5418.30
Pivot: 5439
5DEMA: 5433
10DEMA: 5434
20DEMA: 5417
50DEMA: 5335
RSI (7 days): 46.24
Parabolic SAR: 5488
Supports: 5389 - 5359
Resistance: 5457 - 5495

MP Values Spot: VAH - 5465, POC - 5460, VAL - 5422
MP Values Futures: VAH - 5474, POC - 5467, VAL - 5420
MP Values Bank Nifty Futures: VAH - 10749, POC - 10732, VAL - 10684

OVERALL VIEW

The key domestic bourses closed the day's trade with bearish note, as profit booking across the selective pivotal led the markets to shed tears. Selling interest intensified across Metal and Realty space. Today, the domestic markets belled the session with positive note but suddenly lost its grounds on account of weak sentiments across the global markets.
Nifty closed below all moving averages, except Day LEMA at 5407 which is sign of bearishness. (See Tech Table for details). RSI is has given a downtick and just below 50 level; Stochastic is in downtrend with negative crossover, the volume was better than normal.
Nifty got resisted near the trend line at 5475 and hurried down to 5400 within minutes, but ultimately closed just above 20DEMA. The trend line resistance is now placed at 5480 and the channel support at 5350. Trade hedged long till the channel support of 5350 is not taken out with volume.

TARGET NIFTY
Buy Nifty above 5432 - 5461 - 5506 - 5541 SL - 5425
Sell Nifty below 5409 - 5385 - 5350 - 5304 SL - 5431

INTRADAY TRADE
Reliance Industries: Buy above 986 for targets of 988, 995, 1002 SL 979
Reliance Industries: Sell below 972 for targets of 970, 967, 960 SL 984
Allahabad Bank: Buy above 1328.2 for targets of 1335, 1343 SL 1319
UCO Bank: Buy above 108.5 for targets of 109.5, 111 SL 106.5

SCORE SHEET
Axis Bank: Buy above 1328.2 for targets of 1335, 1343 SL 1319: Target 1346.70 achieved
Dabur: Buy above 201 for targets of 202.8, 204 SL 199.5: Target 203 achieved

POSITIONAL TRADE
Wockpharma: Buy above 192 for target of 216 SL 178 (One Month)
Varun: Buy above 148 for target of 162 SL 142 (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