Market outlook for 02/06/11

Nifty closed up 31.85 points (0.57%) at 5592.00 while Nifty Future closed at 5590.45, discount of 1.55 points.
Bank Nifty closed up 12.55 points (0.11%) at 11033.40 while Future closed at 10948.00, discount of 85.40 points.

• FII bought big in Cash (Net buy 1310.98 Crore)
• FII bought in index option, index future but sold stock future (Net buy 1545.81 Crore)
• DII sold in Cash (Net sell 596.66 Crore)
• US futures are trading negative.
• Global cues are flat to negative.
• SGX nifty is flat to negative as of now.
• Most Active Nifty May Call Option: 5600 and 5700.
• Most Active Nifty May Put Options: 5500 and 5400.
• Advance Decline for the day was 919:482.

NIFTY TECHNICAL

Current Spot: 5592.00
Pivot: 5583
5DEMA: 5519
10DEMA: 5492
20DEMA: 5513
50DEMA: 5570
RSI (15 days): 53.82
Parabolic SAR: 5357
Supports: 5569 - 5545 - 5531
Resistance: 5606 - 5621 - 5644
DeMark’s: 5576 - 5614

Nifty Future VWAP: 5572.91
MP Values Futures: VAH - 5579, POC - 5567, VAL - 5555

TARGET NIFTY
Buy Nifty Future above 5595 - 5605 - 5622 - 5653 SL - 5574
Sell Nifty Future below 5568 - 5560 - 5532 - 5514 SL - 5580

BANKNIFTY TECHNICAL

Current Spot: 11033.40
Pivot: 11016
5DEMA: 10852
10DEMA: 10773
20DEMA: 10841
50DEMA: 11016
RSI (15 days): 53.02
Parabolic SAR: 10418
Supports: 10976 - 10919 - 10879
Resistance: 11074 - 11114 - 11171
DeMark’s: 10996 - 11094

Bank Nifty Future VWAP: 10915.96
MP Values Bank Nifty Futures: VAH - 10952, POC - 10922, VAL - 10892

TARGET BANKNIFTY
Buy BankNifty Future above 10956 - 10999 - 11055 - 11132 SL - 10922
Sell BankNifty Future below 10911 - 10877 - 10801 - 10745 SL - 10933

INTRADAY TRADE
Reliance Industries: Buy above 954 for targets of 956, 961, 968 SL 947
Reliance Industries: Sell below 943 for targets of 941, 937, 931 SL 952
Voltamp: Buy above 585 for targets of 590, 600 SL 574
Pateleng: Buy above 158 for targets of 160, 164 SL 153

POSITIONAL TRADE
JPower: Buy above 53 for target of 57 SL 51.5 (One Week)
VijayaBank: Buy above 74 for target of 79 SL 72 (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