Market outlook for 03/09/10

Nifty closed up 14.30 points (0.26%) at 5486.15 whilst Nifty September Future closed at 5489.85 premium of 3.70 points.

• FII bought in Cash (Net buy 82.31 Crore)
• FII bought in index future, stock future and index option (Net buy 2065.06 Crore)
• DII sold in Cash (Net sell 118.28 Crore)
• US market is trading flat as of now.
• Global cues are flat.
• SGX nifty is flat to positive as of now.
• Most Active Nifty September Call Option: 5500 and 5600.
• Most Active Nifty September Put Options: 5500 and 5400.
• Advance Decline for the day was 885:465

NIFTY TECHNICAL

Current Spot: 5486.15
Pivot: 5493
5DEMA: 5459
10DEMA: 5459
20DEMA: 5453
50DEMA: 5389
RSI (7 days): 57.27
Parabolic SAR: 5517
Supports: 5471 - 5457
Resistance: 5507 - 5529

Nifty VWAP: 5493.08
Bank Nifty VWAP: 10955.96
MP Values Spot: VAH - 5501, POC - 5495, VAL - 5488
MP Values Futures: VAH - 5499, POC - 5493, VAL - 5487
MP Values Bank Nifty Futures: VAH - 10969, POC - 10955, VAL - 10941

OVERALL VIEW

Nifty closed at 5486, above all daily moving averages, the 5day SMA crossed over 5day EMA which is bullish. The candlestick pattern shows that the sellers were present at the top to drive the prices lower. (See Tech Table for details). Now to carry on with the upward momentum Nifty need to close the week above at least 5510, the weekly HEMA. Daily RSI has given an uptick from oversold levels, stochastic has given a positive crossover and is in uptrend, the volume was average.
Nifty today got resisted near the trend line at 5505 to close below it at 5486. The channel support is at 5350, the trend line resistance is now placed at 5510. Trade the range of 5350-5510 till it gets resolved.

TARGET NIFTY
Buy Nifty above 5496 - 5505 - 5522 - 5538 SL - 5490
Sell Nifty below 5482 - 5477 - 5462 - 5445 SL - 5495

INTRADAY TRADE
Reliance Industries: Buy above 944 for targets of 946, 948, 952 SL 938
Reliance Industries: Sell below 934 for targets of 932, 929, 925 SL 942
BataIndia: Buy above 339 for targets of 343, 349 SL 334
Marg: Buy above 220 for targets of 222, 225 SL 216

SCORE SHEET
Hanung: Buy above 311 for targets of 315, 321 SL 303: Target 315 achieved
DishTV: Buy above 54 for targets of 55, 56.2 SL 52.7: Target 54.9 achieved

POSITIONAL TRADE
ApolloTyre: Buy above 83 for target of 92 SL 80 (One Week)
ExideInd: Buy above 157.5 for target of 165 SL 153 (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