MARKET OUTLOOK
On daily chart Nifty exhibiting “descending triangle” which
is bearish breakout pattern if lower trend line breaks. Price is now near to lower trend line, and
moving within triangle. Nifty next
resistance seems at 5,760 while support at 5,650 if nifty breaches 5,760 then
we could see rally up to 5,800 on the flip side if the level of 5,650 breaches
decisively then we could see fall up to strong support of 5,600.
Further
most of the technical momentum indicators are currently suggesting downside.
Stochastic is currently moving in overbought zone, on the brink of entering
into negative territory indicating profit booking. RSI is reversing back after
touching overbought zone and indicating more correction is due in near term.
MACD is crossing 9 day EMA from the above and showing negative divergence, also
indicating Nifty is in profit booking zone.
It was largely a volatile session for the market on Tuesday.
In fact, Nifty touched an intraday low of 5,677.90, before closing with gains
of 28.60 points at 5,704.60. But the bouts of profit booking due to Euro zone
concerns and worries over fiscal deficit sent the index, in the second half of
trade, closer to previous day’s closing value.
3 MONTHS DAILY CHART OF NIFTY
SHORT TERM OUTLOOK ON STOCKS
Stocks with short term Bullish Outlook:
STOCK S1 S2 R1 R2
ULTRATECH CEMENT 2019.47 1982.58 2078.57 2100.78
LARSEN 1614.17 1595.53 1646.47 1660.13
Stocks with short term Bearish Outlook:
STOCK S1 S2 R1 R2
GAIL 375.47 369.88 390.22 399.38
BHARTI AIRTEL 262.12 258.93 270.62 275.93
NEWS TO WATCH
1. Infosys September-quarter profit seen up 24.9%
2. Quarter-2 production of Cairn India up 22% YoY
3. NMDC cuts iron-ore price by 2-11% for October; will set prices every month.
4. IMF cuts India growth forecast to 4.9% from 6.2%
5. Bad days ahead for DLF, downward trending for two days.
0 comments:
Post a Comment