Nifty Market Chart & Update For 10 Oct 12

                                                           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.

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Todays Update : Nifty is likely to correct

Indian shares snapped four-day winning streak Friday owing to profit booking. The index had gained 79 points in early trade following Cabinet’s approval to 49% FDI in insurance and pension. Meanwhile, the NSE Nifty, which plunged 899 points intraday due to freak trade by brokerage house, declined 40.65points to end at 5,746.95. The index touched a low of 4,888.20 today due to faulty order punched by adealer of Emkay Shares and Stock Brokers while the BSE Sensex fell more than 300 points. The trading was halted by the NSE between 9:50 am to 10:05 am. On upside if level of 5,800 breaches decisively then we could see rise up to mark of 5,860, on the lower side if level of 5,700 is breaches then Nifty could retrace up to its mild support of 5,620 mark first and thereafter up to its strong support of 5,600. Technical momentum indicators are currently suggesting uptrend in it. Stochastic is currently moving in overbought zone, on the brink of entering into positive territory. RSI is trading in overbought territory at 76 showing negative crossover.Another momentum technical indicator MACD is trading in positive zone, showing positive divergence,also indicating uptrend.

                                             3 MONTHS DAILY CHART OF NIFTY


                                           SHORT TERM OUTLOOK ON STOCKS



Stocks with short term Bullish Outlook:

STOCK                                                     S1              S2            R1              R2
TATA MOTORS                                    239.17      197.78       302.22       323.88
HUL                                                        483.67      401.93       607.92       650.43

Stocks with short term Bearish Outlook:
STOCK                                                     S1              S2             R1              R2
HDFC                                                    662.2         574.45        806.75       863.55
HCLTECH                                             541.23       508.92        598.93       624.32



                                                     NEWS TO WATCH  TODAY

1. IVRCL plunges over 9 per cent as Essel Group offloads shares
2. HDFC plunges 6% as Carlyle sells 3.7% stake for nearly Rs4,300 crore
3. Oil India, IOC buy stake in US shale assets
4. Pepsi cuts price, Coke unlikely to follow the suit.
5. Hike in insurance FDI limit may attract Rs. 30k crore: IRDA

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Nifty is likely to move within 5,600 to 5,700 level. : Upadte for 28th sept.

MARKET OUTLOOK

Nifty is expected to move within a range as suggested by its technical indicators. Resistance for Nifty now seems at 5,720-5,740 while support stands at 5,540-5,560. On upside if level of 5,720 breaches decisively then we could see rise up to the mark of 5,800, on the lower side if level of 5,540 is breaches then Nifty could retrace up to support of 5,500 mark. Technical indicators like MACD, RSI are also supporting its uptrend move. MACD is showing positive divergence, crossing its signal line (9 Days exponential moving average) from the below. RSI is at 68 level on the verge of showing negative crossover, which indicates positive bias may expect in the market.

      On the derivatives front the Nifty Futures prices inclined along with incline in the open interest with incline in cost of carry indicating long position initiated at the lower level. For the coming days, 5,640-5,650 level would act as the strong support for Nifty. There was significant short accumulation was witnessed in ATM Put option. Most of the open interest accretion witnessed in the 5,700 put. On the flip side squaring off was seen between 5,700 and 5,800 strike Call Option which suggests a range of 5,650-5,750 for September expiry.

SHORT TERM OUTLOOK ON STOCKS


Stocks with short term Bullish Outlook:
STOCK                                              S1             S2                  R1                 R2
HCL TECH                                      569.43       555.42           593.18           602.92
LARSEN                                         1575.05     1551.95         1612.7          1627.25

Stocks with short term Bearish Outlook:
STOCK                                             S1             S2                   R1                 R2
SAIL                                              84.13          82.62              88.03             90.42
SESA GOA                                  166.5          163.25            175.2             180.65


NEWS TO WATCH


1. General Motors to hike prices form 1stOctober
2. United Spirits up 9%, at 20-month high on stake sale hope
3. FinMin, RBI officials to meet today on H2 borrowings
4. Cement shares extend Wednesday's gains on hopes of rising demand

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Stock Market Trend for Today

Today Stock market trend: Nifty Future and Option Tips

Today early Morning Nifty fall in 20 point and recover it slowly now 5350.55, may hope it will become and provide good rally for investor so that is time to invest  on market ,because  Germany's constiutional court will approve of ESM then  global effect of market automatically and for the economical growth. Indian government may take few decision so the all of effect on market , we hope market will go upwards 5450 end of this month, so that is best time to invest in nifty future , that will provide you more return in the market.

Leading stocks for Today:
Cipla, Bajaj corporation Limited, alembic Pharmaceutical Limited  is more gainer you can trade on it

Calls for today you can watch and trade:

OPTION CALL : BUY SESA GOA 170 PUT ABOVE 12 TARGET 13,14,15 STOPLOSS 10.
CALL BUY TIMKEN INDIA ABOVE 200 TARGETS 202 , 204 , 207 STOPLOSS 196.

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