Market outlook for 08/09/10

Nifty closed up 27.05 points (0.49%) at 5604.00 whilst Nifty September Future closed at 5591.65 discount of 12.35 points.
Bank Nifty closed down 25.85 points (0.23%) at 11192.95 whilst September Future closed at 11154.10 discount of 38.85 points.

• FII sold small in Cash (Net sell 20.88 Crore)
• FII bought in stock future and index option but sold in index future (Net buy 2216.16 Crore)
• DII bought in Cash (Net buy 441.14 Crore)
• US market is trading in Red.
• Global cues are flat to negative.
• SGX nifty is flat to negative as of now.
• Most Active Nifty September Call Option: 5600 and 5700.
• Most Active Nifty September Put Options: 5600 and 5500.
• Advance Decline for the day was 750:587

NIFTY TECHNICAL

Current Spot: 5604.00
Pivot: 5603
5DEMA: 5536
10DEMA: 5505
20DEMA: 5480
50DEMA: 5408
RSI (7 days): 74.74
Parabolic SAR: 5354
Supports: 5581 - 5558
Resistance: 5626 - 5649

Nifty VWAP: 5587.94
Bank Nifty VWAP: 11168.97
MP Values Spot: VAH - 5600, POC - 5593, VAL - 5586
MP Values Futures: VAH - 5592, POC - 5585, VAL - 5581
MP Values Bank Nifty Futures: VAH - 11178, POC - 11154, VAL - 11148

OVERALL VIEW
Nifty closed at 5604, above all daily moving averages, and most of the SMA has moved over their respective EMA which signifies bullish undertone. Nifty ended the day making a new high for the year. (See Tech Table for details). Daily RSI is hovering just above 70 level, stochastic has given a positive crossover and is now in overbought territory, the volume was good.
Nifty today broke over the trend line resistance of 5600 to close strong at 5604. Now Nifty is moving in the up trending channel and the channel support is at 5540 and the resistance at 5640. Keeping your longs hedged will be good as nifty is at yearly highs and any negative global cues can take it down to support levels.

TARGET NIFTY
Buy Nifty above 5596 - 5609 - 5630 - 5650 SL - 5589
Sell Nifty below 5583 - 5574 - 5554 - 5534 SL - 5595

INTRADAY TRADE
Reliance Industries: Buy above 965 for targets of 968, 973, 979 SL 959
Reliance Industries: Sell below 957 for targets of 955, 951, 947 SL 964
Acc: Buy above 965 for targets of 979, 995 SL 942
GujNreCoke: Buy above 66 for targets of 67, 69 SL 64.5

SCORE SHEET
Ceatltd: Buy above 192 for targets of 199, 208 SL 183: Call not activated
MVL: Buy above 102 for targets of 104, 107 SL 98.5: Target 107.20 achieved

POSITIONAL TRADE
Wockpharma: Buy above 282 for target of 309 SL 269 (One Week)
Tatacoffee: Buy above 617 for target of 684 SL 588 (One Month)

 

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