Nifty closed above the 5700 level for the second consecutive session on Monday, supported by positive
European cues and appreciation in Indian rupee. Overall it was a day of consolidation for the market
after it had rallied 1 percent on Friday and 8 percent in September on strong inflow of foreign money.
Nifty is currently trading in range of 50 points in between 5,700-5,750, exhibiting rectangular pattern,
trading within with support at 5,520 and resistance at 5,760.. On upside if level of 5,760 breaches
decisively then we could see rise up to mark of 5,800, on the lower side if level of 5,600 is breaches then
Nifty could retrace up to its mild support of 5,520 mark first and thereafter up to its strong support of
5,500. Technical momentum indicators are currently suggesting uptrend in it. Stochastic is currently
moving in neutral zone, on the brink of entering into overbought territory indicating upside. RSI is
trading in overbought territory at 73 showing positive crossover. Another momentum technical
indicator MACD is trading in positive zone, showing positive divergence, also indicating uptrend
after it had rallied 1 percent on Friday and 8 percent in September on strong inflow of foreign money.
Nifty is currently trading in range of 50 points in between 5,700-5,750, exhibiting rectangular pattern,
trading within with support at 5,520 and resistance at 5,760.. On upside if level of 5,760 breaches
decisively then we could see rise up to mark of 5,800, on the lower side if level of 5,600 is breaches then
Nifty could retrace up to its mild support of 5,520 mark first and thereafter up to its strong support of
5,500. Technical momentum indicators are currently suggesting uptrend in it. Stochastic is currently
moving in neutral zone, on the brink of entering into overbought territory indicating upside. RSI is
trading in overbought territory at 73 showing positive crossover. Another momentum technical
indicator MACD is trading in positive zone, showing positive divergence, also indicating uptrend
SHORT TERM OUTLOOK ON STOCKS
Stocks with short term Bullish Outlook:
STOCK S1 S2 R1 R2
J P ASSOCIATES 83.47 80.98 87.42 88.88
AMBUJA CEMENT 204 198.5 213 216.5
Stocks with short term Bearish Outlook:
STOCK S1 S2 R1 R2
DLF 225.27 221.53 234.07 239.13
BANK OF BARODA 776.68 768.72 798.03 811.42
NEWS TO WATCH
1. General Motors India sales down 27% in September
2. Exports in August down 9.7% YoY; imports fall 5.1%
3. Maruti Suzuki September sales up 10% YoY at 93,988 units
4. Fiscal deficit can be reined in at 5.2% of GDP only if subsidies are cut: Kelkar
Report
5. Manufacturing PMI steady at 52.8 in September
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