Market outlook for 24/08/10

Nifty closed up 12.85 points (0.23%) at 5543.50 whilst Nifty August Future closed at 5536.90 discount of 6.6 points.

• FII bought in Cash (Net buy 318.23 Crore)
• FII bought in index options and stock futures but sold index futures (Net buy 1702.08 Crore)
• DII sold in Cash (Net sell 159.78 Crore)
• US market is trading flat to negaitive.
• Global cues are flat.
• SGX nifty is flat as of now.
• Most Active Nifty August Call Option: 5500 and 5600.
• Most Active Nifty July Put Options: 5500 and 5400.
• Advance Decline for the day was 813:532

NIFTY TECHNICAL

Current Spot: 5543.50
Pivot: 5538
5DEMA: 5511
10DEMA: 5484
20DEMA: 5453
50DEMA: 5358
RSI (7 days): 70.40
Parabolic SAR: 5393
Supports: 5525 - 5507
Resistance: 5556 - 5568

Nifty VWAP: 5530.44
Bank Nifty VWAP: 11029.87
MP Values Spot: VAH - 5543, POC - 5541, VAL - 5530
MP Values Futures: VAH - 5537, POC - 5528, VAL - 5524
MP Values Bank Nifty Futures: VAH - 11031, POC - 10989, VAL - 10967

OVERALL VIEW

Nifty closed above all moving averages, at 5544 signifying strong bullish undercurrent. (See Tech Table for details). RSI is in uptrend, just over 70 levels; Stochastic is in uptrend with positive crossover, the volume was normal.
The trend line resistance is now placed at 5570, and the channel support at 5500. Traders are requested to book some profit near 5570-5580 levels and stay on sideline for a while.

TARGET NIFTY
Buy Nifty above 5541 - 5545 - 5557 - 5573 SL - 5529
Sell Nifty below 5523 - 5518 - 5507 - 5495 SL - 5534

INTRADAY TRADE
Reliance Industries: Buy above 986 for targets of 988, 996, 1001 SL 979
Reliance Industries: Sell below 972 for targets of 970, 965, 957 SL 984
Exideind: Buy above 153.5 for targets of 155, 158 SL 150.5
LITL: Buy above 74.5 for targets of 75.3, 77 SL 72.5

SCORE SHEET
ABB: Buy above 774.7 for targets of 781, 788 SL 761: Target 785.50 achieved
Sterling Biotech: Buy above 108.5 for targets of 110, 112 SL 106.5: Target 109.35 achieved

POSITIONAL TRADE
BPCL: Buy above 780 for target of 830 SL 750 (One Month)
Apollotyre: Buy above 77 for target of 82 SL 75 (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