- 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.
Sunday, May 1, 2011
Stock To trade 02 05 2011
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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