Market outlook for 17/05/11

Nifty closed down 45.75 points (0.83%) at 5499.00 while Nifty Future closed at 5488.70 discount of 10.30 points.
Bank Nifty closed down 108.60 points (0.99%) at 10912.35 while Future closed at 10871.30 discount of 41.05 points.

• FII bought in Cash (Net buy 47.07 Crore)
• FII bought in index option but sold in index future, stock future (Net buy 241.82 Crore)
• DII bought in Cash (Net buy 3.41 Crore)
• US futures are trading positive.
• Global cues are flat to positive.
• SGX nifty is flat as of now.
• Most Active Nifty May Call Option: 5500 and 5600.
• Most Active Nifty May Put Options: 5500 and 5400.
• Advance Decline for the day was 419:996.

NIFTY TECHNICAL

Current Spot: 5499.00
Pivot: 5509
5DEMA: 5525
10DEMA: 5562
20DEMA: 5620
50DEMA: 5631
RSI (15 days): 40.24
Parabolic SAR: 5632
Supports: 5477 - 5455 - 5423
Resistance: 5531 - 5564 - 5585
DeMark’s: 5466 - 5520

Nifty Future VWAP: 5505.18
MP Values Futures: VAH - 5533, POC - 5513, VAL - 5493

TARGET NIFTY
Buy Nifty Future above 5505 - 5522 - 5558 - 5585 SL - 5494
Sell Nifty Future below 5480 - 5468 - 5444 - 5405 SL - 5504

BANKNIFTY TECHNICAL

Current Spot: 10912.35
Pivot: 10922
5DEMA: 10975
10DEMA: 11058
20DEMA: 11198
50DEMA: 11237
RSI (15 days): 41.22
Parabolic SAR: 11194
Supports: 10869 - 10826 - 10772
Resistance: 11965 - 11019 - 11062
DeMark’s: 10847 - 10944

Bank Nifty Future VWAP: 10902.03
MP Values Bank Nifty Futures: VAH - 10944, POC - 10910, VAL - 10876

TARGET BANKNIFTY
Buy BankNifty Future above 10905 - 10945 - 11030 - 11090 SL - 10889
Sell BankNifty Future below 10855 - 10820 - 10765 - 10680 SL - 10903

INTRADAY TRADE
Reliance Industries: Buy above 951 for targets of 953, 956, 962 SL 944
Reliance Industries: Sell below 942 for targets of 941, 938, 933 SL 948
IRB: Buy above 170 for targets of 171.5, 174 SL 166.5
Ajantpharm: Buy above 277 for targets of 280, 287 SL 271

SCORE SHEET
BgrEnergy: Buy above 501 for targets of 505, 514 SL 495: Target 510.00 achieved
PatelEng: Buy above 153 for targets of 155, 159 SL 151: Target 158.75 achieved
POSITIONAL TRADE
IndiaBulls: Buy above 160 for target of 169 SL 156 (One Week)
Gati: Buy above 65 for target of 70 SL 64 (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