Market outlook for 24/05/11

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Nifty closed down 99.80 points (1.82%) at 5386.55 while Nifty Future closed at 5383.45 discount of 3.10 points.
Bank Nifty closed down 295.85 points (2.77%) at 10368.25 while Future closed at 10358.30 discount of 9.95 points.

• FII sold in Cash (Net sell 293.56 Crore)
• FII sold in index future, stock future bought in index option (Net sell 206.65 Crore)
• DII bought in Cash (Net buy 194.22 Crore)
• US futures are trading negative.
• Global cues are flat to negative.
• SGX nifty is flat as of now.
• Most Active Nifty May Call Option: 5400 and 5500.
• Most Active Nifty May Put Options: 5400 and 5300.
• Advance Decline for the day was 256:1161.

NIFTY TECHNICAL

Current Spot: 5386.55
Pivot: 5405
5DEMA: 5440
10DEMA: 5478
20DEMA: 5545
50DEMA: 5591
RSI (15 days): 36.71
Parabolic SAR: 5518
Supports: 5354 - 5322 - 5270
Resistance: 5438 - 5489 - 5522
DeMark’s: 5338 - 5422

Nifty Future VWAP: 5399.49
MP Values Futures: VAH - 5439, POC - 5420, VAL - 5386

TARGET NIFTY
Buy Nifty Future above 5400 - 5425 - 5465 - 5500 SL - 5389
Sell Nifty Future below 5375 - 5355 - 5325 - 5280 SL - 5399

BANKNIFTY TECHNICAL

Current Spot: 10368.25
Pivot: 10440
5DEMA: 10585
10DEMA: 10736
20DEMA: 10946
50DEMA: 11087
RSI (15 days): 33.14
Parabolic SAR: 10823
Supports: 10268 - 10168 - 9995
Resistance: 10541 - 10713 - 10813
DeMark’s: 10218 - 10490

Bank Nifty Future VWAP: 10422.05
MP Values Bank Nifty Futures: VAH - 10470, POC - 10382, VAL - 10331

TARGET BANKNIFTY
Buy BankNifty Future above 10437 - 10523 - 10693 - 10792 SL - 10419
Sell BankNifty Future below 10343 - 10264 - 10165 - 9995 SL - 10434

INTRADAY TRADE
Reliance Industries: Buy above 916 for targets of 918, 924, 932 SL 909
Reliance Industries: Sell below 905 for targets of 903, 898, 891 SL 914
Divilab: Buy above 748 for targets of 753, 753 SL 740
Gail: Buy above 437 for targets of 441, 448 SL 428

SCORE SHEET
Hdfc: Buy above 661 for targets of 665, 674 SL 652: Call not activated
Idfc: Buy above 138 for targets of 140, 143 SL 136: Call not activated

POSITIONAL TRADE
Crewbos: Buy above 111 for target of 118 SL 107 (One Week)
Arvind: Buy above 76 for target of 82 SL 74 (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