- Bank of Baroda 845.1 TA Turtle breakdown in bank of baroda 30 min chart, sell with stop loss above 860.
- HUL 3 balck crow candlestick pattern in HUL daily chart and TA Insync 55,5 is also moving down. Sell with stop loss above 272.
Thursday, May 5, 2011
Stock To Trade 06 05 2011
DERIVATIVE PICK 06 05 2011
HDFC BANK ( CASH – Rs.2220) : The stock is trading at its critical support level area of around Rs.2210 and once it starts trading below Rs.2207, we can expect the stock to decline further. Selling is advised below Rs.2205 for a target of Rs.2189 and Rs.2172. Lower target of Rs.2165 and Rs.2156 is also possible. Stop Loss of Rs.2231 should be kept. ORCHID CHEM ( CASH – Rs.297.70) : The stock has made a lower top and we expect selling pressure to intensify. Selling is advised below Rs.291 for a target of Rs.285 and Rs.280. Lower target of Rs.275 and Rs.272 is also possible. Stop Loss of Rs.301 should be kept.
Market Outlook 06 05 2011
Markets opened on a steady note and Nifty did look like settling above 5500. Considering the fact that indices had to contend with a weak opening in Bharti after lower than anticipated profits Nifty did look like finding its feet just around the 5525-5550 zone. But, it was not to be as after trading listlessly in a tight zone Nifty began to lose ground during the mid session. The downtrend gained momentum from thereon as more and more stocks came under fresh bear assault. Most of the metal counters were weak as were the Realty counters. Heavyweights
like HUL, ICICI, HDFC, Infosys, Bharti , Sterlite , ITC and NTPC struggled and put the indices under immense pressure. The Cement counters continued to be under bearish spell and lost more ground. Hero Honda found buyers and was up more than 6% after management indicated that the company has been able to maintain good margins despite lot of different pressures. It was a decent day for RIL too as the stock was up almost 2% during the day before shedding almost half of its gains towards the close. BOI, Apollo Tyres, MRF, Kotak, United Phosphorous, Tulip, Lupin and Titan were some of the other gainers. But overall, it was another day of bears’
dominance as Nifty closed below 5450. Nifty extended its losing streak for 9th consecutive session and contrary to our expectations there was no support around 5475-5500. Even the so called ‘over sold’ counters did not find any technical rebound and capitulated further. Globally too the things are cooling off a bit as has been seen in the case of most commodities. FIIs remain heavy sellers and that is keeping our markets under lot of pressure. Technically, Nifty has closed below 5500 and now the range between 5575-5610 becomes a strong short term
technical barrier. Out of the few heavyweights mentioned yesterday only RIL and ONGC remain in some sort of positive territory and could support indices. Metal counters continue to look weak. Bhel has seen breakdown today and could target Rs 1940-50. Overall, it seems that one should wait for markets to settle down and find its bottom before looking for trades on the ‘long’ side. Nifty has immediate support around 5415-20 and then around 5365-5370 while resistance is seen around 5515-25 and then around 5590-5610.
Monday, May 2, 2011
Stock To Watch 03 05 2011
- GT OFFSHORE 268.30 TA Insync is moving down in GTOFFSHORE. Sell with stop loss above 273.
- BHEL 2020.10 NR7 pattern in BHEL. Sell with stop loss above 2040.
Nifty breaks down its large trading range (5730 5900).
Nifty Watch:- Today Nifty opened at 5766. At the same time Nifty touched its day high at 5775 and then start moving down and touched it low at 5687 and finally closed at 5697 with a decline of 69 points to its day open.
Nifty breaks down its large trading range (5730-5900) and closed below it. Nifty is now at its previous low which is made on April 19 2011 at 5693. It may possible that nifty find its support and move up and it is also possible that nifty breaks down it.
Trend:- Nifty is breaks down its 200 days MA and closed below it. Nifty trading above to its 50 days MA.
Level:- Looking for support at 5600. Resistance comes at 5800.
TA Insync (55-5) is in downtrend. It is moving down at -19.39. This suggests that Nifty may move down also.
Summary:- Nifty breaks down its trading range and 200 days MA and moving down. Buying is not
suggested now, thus investors and traders should wait for a buy signal.
Nifty breaks down its large trading range (5730-5900) and closed below it. Nifty is now at its previous low which is made on April 19 2011 at 5693. It may possible that nifty find its support and move up and it is also possible that nifty breaks down it.
Trend:- Nifty is breaks down its 200 days MA and closed below it. Nifty trading above to its 50 days MA.
Level:- Looking for support at 5600. Resistance comes at 5800.
TA Insync (55-5) is in downtrend. It is moving down at -19.39. This suggests that Nifty may move down also.
Summary:- Nifty breaks down its trading range and 200 days MA and moving down. Buying is not
suggested now, thus investors and traders should wait for a buy signal.
Market Outlook 03 05 2011
It was a poor opening for the week as Nifty slipped and closed below 5700. Banks and RIL weighed heavily on the indices. Banks in particular were the victims of nervous unloading before the RBI policy and downgrades of PSU banks by Morgan Stanley further aided the negative sentiments. SBI lost around 4% while deep cuts were seen in Bank Of India, Vijaya Bank, Canara Bank, Union Bank, Allahabad Bank, Uco Bank and PNB. Only Indian Bank and IOB managed top buck the overall trend. In fact, IOB was the biggest gainer amongst the F&O counters gaining over 5% with most of the gains coming in the last 40-45 minutes. RIL continued to drift lower and lost another 2%. Cairns and Bharti did manage to support the falling indices but didn’t have any support from other index constituents. Few others that were amongst the gainers were Chambal Fert, HPCL, Unitech, Tata Power, Sintex, Alok and GSPL. Overall, the breadth was poor as declining counters outnumbered the advancing ones by a good margin.
Nifty closed below 5700 for the first time in more than a month and also made a new recent low at 5687. Things continue to look a bit negative as Banking index has also given a short term breakdown below 11450. The RBI policy could set the tone in the short term and more than 25bps rise in policy rates could aid the bearish sentiments. Many banking counters have seen breakdown on daily charts and the volumes have also been on the higher side. OMCs are showing positive intent for past few sessions and HPCL and IOC have seen breakouts on daily charts. More short term upside is likely if they sustain above Rs 343( IOC) and Rs 383( HPCL). Power Grid is interestingly poised and could be a breakout candidate if it moves past Rs 107.50. Some other that look positive are Sintex, Voltas, Sesa Goa, Cipla( above Rs 317), United Spirits( above Rs 1055) and Jet Airways.
Nifty has immediate support around 5660-70 and then around 5590-5610 while resistance is seen around 5745-50 and then around 5790-5810.
Nifty closed below 5700 for the first time in more than a month and also made a new recent low at 5687. Things continue to look a bit negative as Banking index has also given a short term breakdown below 11450. The RBI policy could set the tone in the short term and more than 25bps rise in policy rates could aid the bearish sentiments. Many banking counters have seen breakdown on daily charts and the volumes have also been on the higher side. OMCs are showing positive intent for past few sessions and HPCL and IOC have seen breakouts on daily charts. More short term upside is likely if they sustain above Rs 343( IOC) and Rs 383( HPCL). Power Grid is interestingly poised and could be a breakout candidate if it moves past Rs 107.50. Some other that look positive are Sintex, Voltas, Sesa Goa, Cipla( above Rs 317), United Spirits( above Rs 1055) and Jet Airways.
Nifty has immediate support around 5660-70 and then around 5590-5610 while resistance is seen around 5745-50 and then around 5790-5810.
Sunday, May 1, 2011
Stock To trade 02 05 2011
- BEML 699.80 TA Insync 55,5 is moving down in BEML daily chart. Sell with stop loss above 720.
- Financial Tech 862.15 NR7 pattern in Financial Technology. Buy above 870, Sell below 855.
Nifty trading at lower level of its trading range (5730 5900).
Nifty Watch:- Today Nifty opened at 5782. At the same time Nifty touched its day high at 5804 and then start moving down and touched it low at 5706 and finally closed at 5751 with a decline of 31 points to its day open.
Nifty breaks down its large trading range (5730-5900) but at the end Nifty came back in large trading range.
Trend:- Nifty is standing on its 200 days MA and trading up to its 50 days MA and still in trading range.
Level:- Looking for support at 5700. Resistance comes at 5900.
TA Insync (55-5) is in downtrend. It is moving down at -18.63. This suggests that Nifty may move down also.
Summary:- Nifty is trading at its 200 MA. It may possible that nifty find its support here and move up and it is also possible that nifty breaks down its 200 days MA and move down. But in both cases Nifty will trade in one direction and that will give the trading opportunity to the investors and traders.
Nifty print a pattern of NR 7 in monthly chart. This suggest that a big move may come in next month.
Nifty breaks down its large trading range (5730-5900) but at the end Nifty came back in large trading range.
Trend:- Nifty is standing on its 200 days MA and trading up to its 50 days MA and still in trading range.
Level:- Looking for support at 5700. Resistance comes at 5900.
TA Insync (55-5) is in downtrend. It is moving down at -18.63. This suggests that Nifty may move down also.
Summary:- Nifty is trading at its 200 MA. It may possible that nifty find its support here and move up and it is also possible that nifty breaks down its 200 days MA and move down. But in both cases Nifty will trade in one direction and that will give the trading opportunity to the investors and traders.
Nifty print a pattern of NR 7 in monthly chart. This suggest that a big move may come in next month.
Market Outlook 02 05 2011
Last week turned out to be a bad one for bulls as Nifty closed lower on all 5 days of the week. The
momentum picked up on the last two days as Nifty collapsed from around 5825 levels to just around 5700. And this happened in a positive global backdrop as US markets moved to new post Lehman highs. The selling was seen across the board as finally bears asserted themselves as Bulls failed to take Nifty past 5930- 40 despite several attempts. Almost all sectors were under pressure with Realty again playing favorite with bears. BSE Realty index was down over 8% while Capital Goods lost around 4.5% as stocks like Bhel, Crompton Greaves and even L&T felt the pressure. Banking too was down around 3.5%. Only FMCG and Health Care bucked the overall trend and finished the week in green. Overall, nifty lost 2.3% and the broader trend too turned negative as small caps and mid caps also succumbed to bearish pressure. The short term side ways range has finally been settled in favor of bears. 5770-80 that was providing support in the short term has finally been broken and the only positive sign, if we may call that, was the fact that Nifty made an intra day low at 5706 that is marginally higher than the previous immediate low at 5693. But, the overall momentum and the technical picture of some of the key heavyweights suggests that we could be headed lower next week and could see some support around 5600-5625. Resistance on the higher side is likely around 5785-5800 and a relatively stronger one around 5835-40. Bank Nifty has slipped below 11500 and sustained trades below 11500 could potentially take it lower to around 10900-950. Some heavyweights that still retain the positive bias are Bharti, ONGC, ICICI and Tata Motors. Some of the mid caps that are showing positive bias are Opto Circuits, Lupin, Divis, Educomp ( above 485), Exide and Max India.
Nifty has immediate support around 5660-70 and then around 5590-5610 while resistance is around 5790- 5810.
momentum picked up on the last two days as Nifty collapsed from around 5825 levels to just around 5700. And this happened in a positive global backdrop as US markets moved to new post Lehman highs. The selling was seen across the board as finally bears asserted themselves as Bulls failed to take Nifty past 5930- 40 despite several attempts. Almost all sectors were under pressure with Realty again playing favorite with bears. BSE Realty index was down over 8% while Capital Goods lost around 4.5% as stocks like Bhel, Crompton Greaves and even L&T felt the pressure. Banking too was down around 3.5%. Only FMCG and Health Care bucked the overall trend and finished the week in green. Overall, nifty lost 2.3% and the broader trend too turned negative as small caps and mid caps also succumbed to bearish pressure. The short term side ways range has finally been settled in favor of bears. 5770-80 that was providing support in the short term has finally been broken and the only positive sign, if we may call that, was the fact that Nifty made an intra day low at 5706 that is marginally higher than the previous immediate low at 5693. But, the overall momentum and the technical picture of some of the key heavyweights suggests that we could be headed lower next week and could see some support around 5600-5625. Resistance on the higher side is likely around 5785-5800 and a relatively stronger one around 5835-40. Bank Nifty has slipped below 11500 and sustained trades below 11500 could potentially take it lower to around 10900-950. Some heavyweights that still retain the positive bias are Bharti, ONGC, ICICI and Tata Motors. Some of the mid caps that are showing positive bias are Opto Circuits, Lupin, Divis, Educomp ( above 485), Exide and Max India.
Nifty has immediate support around 5660-70 and then around 5590-5610 while resistance is around 5790- 5810.
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