Nifty Watch:- Today Nifty opened at 5884. At the same time Nifty touches its day high at 5892 and then start move down and touches it low at 5819 and finally closed at 5831 with a decline of 53 points to its day open.
Nifty remains in small range from 5800 to 5900. Trading in a range require a unique concept of buying at support and selling at resistance. They have a high accuracy rate when traded properly.
Trend:- Nifty is trading up to its 200 and 50 days MA.
Level:- Looking for support at 5800. Resistance comes at 5900.
TA Insync (55-5) is in downtrend. It is moving down at -10.95. This suggests that Nifty may move down also.
Summary:- There is no point in trading a range if it is not wide enough. I advice to wait for a breakout or a breakdown.
Wednesday, April 27, 2011
Market Outlook 28 04 2011
The tug of war continued between bulls and bears as we approach the F&O expiry. The prospect of US Fed discontinuing the QE series kept the bulls in check as uncertainty still prevails as to which asset class would be impacted immediately once the bond purchases were discontinued. Nifty opened with a slight negative bias and that persisted throughout the session as unwinding was seen in certain heavyweights. Wipro’s numbers were in line with expectations but the guidance seems to have disappointed the street as stock lost around 4%. RIL too helped the bears as it slid below Rs1000 and closed almost at the day’s low at Rs 986.
Nifty has immediate support around 5825-30 and then around 5770-80 while above 5915-20 fresh momentum is likely. Some correction was also seen in banking heavyweights. Some of the prominent laggards for the day were Ambuja Cement, Exide, LITL, India Cement, JP Associates, Bhel, GVK and Reliance Infra. ONGC, ITC and Bharti were the ones that tried to balance out the bears. ONGC was the strongest of the lot as it rose around 2.5% to close on a 3- months’ high. Bharti too posted a new recent high before profit taking shaved off some gains. ITC hit all time high. Some of the other gainers were Bata India, Praj, Jindal Holding, Godrej Ind, OIL, Educomp and Max India.
Nifty finally closed at the lower end of the day’s range at 5833, down 35 points. Nifty continues to bounce up and down within a well defined range. Nothing much has changed technically after today’s session as we still have support around 5770-80 and strong resistance around 5910-30. ONGC did give a breakout from almost 3 months range and the pattern suggests targets of Rs 322-25 in the short term while over medium term it could target Rs 345-350. RIL has been moving in 995-1055 range but that has broken on the downside and sustained trades below Rs 1000 could take it lower to around Rs 960 and even Rs 940. Bata has seen a continuation breakout above Rs435 and could target Rs 465-470 over next few sessions. Some of the pharma counters like Lupin( above Rs 425), Biocon, Orchid and Divis are also showing positive bias.
Nifty has immediate support around 5825-30 and then around 5770-80 while above 5915-20 fresh momentum is likely. Some correction was also seen in banking heavyweights. Some of the prominent laggards for the day were Ambuja Cement, Exide, LITL, India Cement, JP Associates, Bhel, GVK and Reliance Infra. ONGC, ITC and Bharti were the ones that tried to balance out the bears. ONGC was the strongest of the lot as it rose around 2.5% to close on a 3- months’ high. Bharti too posted a new recent high before profit taking shaved off some gains. ITC hit all time high. Some of the other gainers were Bata India, Praj, Jindal Holding, Godrej Ind, OIL, Educomp and Max India.
Nifty finally closed at the lower end of the day’s range at 5833, down 35 points. Nifty continues to bounce up and down within a well defined range. Nothing much has changed technically after today’s session as we still have support around 5770-80 and strong resistance around 5910-30. ONGC did give a breakout from almost 3 months range and the pattern suggests targets of Rs 322-25 in the short term while over medium term it could target Rs 345-350. RIL has been moving in 995-1055 range but that has broken on the downside and sustained trades below Rs 1000 could take it lower to around Rs 960 and even Rs 940. Bata has seen a continuation breakout above Rs435 and could target Rs 465-470 over next few sessions. Some of the pharma counters like Lupin( above Rs 425), Biocon, Orchid and Divis are also showing positive bias.
Tuesday, April 26, 2011
Stock Trading CAll 27 04 2011
- POLARIS (207) : Buy the stock with a stop loss of 204-201for a target of 215 – 230.
- MOSER BAER ( 47.65):- Buy the stock with stop loss of 45 for a target of 51 – 56 – 60
Stock To trade 27 04 2011
- Crompton Greaves 280.70 NR7 pattern Crompton Greaves from 3 days. Buy above 282.50, Sell below 278.
Nifty locked in a small range (5800 5900).
Today Nifty opened at 5876 and moved down to 5792 then it consolidated for 2 hours and touched low at 5791 then it move up and touched its day high at 5893 and then came back to its day open and closed at 5864.
A breakout or breakdown is about to come since Nifty is locked in a narrow range (5800-5900) from last 3 days.
Trend:- Nifty is trading above to its 200 and 50 days MA.
Level:- Looking for support at 5800. Resistance comes at 5900.
TA Insync (55-5) is in downtrend. It is moving down at -2.47. This suggests that Nifty may move down also.
Nifty is inside a tight trading range. For position trader buying is suggested above 5900 with a stop of 5800.
A breakout or breakdown is about to come since Nifty is locked in a narrow range (5800-5900) from last 3 days.
Trend:- Nifty is trading above to its 200 and 50 days MA.
Level:- Looking for support at 5800. Resistance comes at 5900.
TA Insync (55-5) is in downtrend. It is moving down at -2.47. This suggests that Nifty may move down also.
Nifty is inside a tight trading range. For position trader buying is suggested above 5900 with a stop of 5800.
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