Yesterday, NIFTY made a Black Doji Candlestick Pattern. After a
long weekend, market opened on a positive note and touched the intraday high of
5304.25 soon. NIFTY failed to hold on to the early gains and slipped into the
negative terrain due to mild selling mainly in realty, healthcare, banking, IT
and tech counters. Since then, the gauges kept hitting ground and finally
registered fresh intraday lows around noon session. NIFTY marked an intraday
low of 5252.00, but did not breach the level of 5250. However, later following
a rise in the European markets, the Indian equities reversed the losses and
traded range-bound thereafter and flirted with the level of 5300. However, the
benchmarks recovered in the last hour of trading almost 25 points from the
day’s low and closed at 5289.35 for the day. REALTY & INFRA was the sectors
which was the biggest loser for the day.
Technically, a Negative Crossover
between 200-Days SMA (Simple Moving Average) and 50-Days SMA is still intact.
NIFTY has crossed its 20-Days EMA (Exponential Moving Average) and 50-Days SMA
(Simple Moving Average) of 5176.14 and 5044.40, respectively on closing basis.
Both the averages have given a Positive Crossover, as the 20-Days EMA has
crossed the 50-Days SMA from downside. Right now, 20-Days EMA is also acting as
a Good Support Level for NIFTY. It is trading much below its 200-Days SMA of
5395.16. After crossing the consolidation zone of 5170 on the higher side and
4720 on the lower side, NIFTY successfully crossed the level of 5170 on the
approval of European Debt Deal and is now facing the resistance of 5400 on the
closing basis. A Fibonnaci Retracement Level is being drawn from the High of
6338.50 (08th November, 2010) to the 18-Months Low marked 4720.00 by
NIFTY (26th August, 2011). NIFTY has crossed the level of 61.80%
level of 5101.97, but is again trading below the 50.00% level of 5338.27. Still
the markets all over the Globe are doubtful about the clarity of the European
Debt Deal. A positive action is being eagerly awaited from Greece all around
the Globe. Hence, still the traders and investors should wait for fruitful
results ahead. However, Traders are suggested to take the advantage of Swing
Trading, which will appear many times in between.
On the Economic Front, JAPAN will be coming out with its Core
Machinery Orders for the month of September, Money Supply M2+CD, Eco Watchers
Survey: Current and Eco Watchers Survey: Outlook for the month of October. Producer
Price Index, Retail Sales, Industrial Production, Consumer Price Index and FDI –
Foreign Direct Investment for the month of October will be announced in CHINA. UK will be announcing its Trade
Balance; non-EU, Goods Trade Balance for the month of September and BRC Shop
Price Index for the month of October. MBA Mortgage Applications and Wholesale
Inventories for the month of November will be announced in US.
Traders are suggested to trade
cautiously by following Strict Stop Losses and Booking Fast Profits, whereas,
Investors are suggested to stay from the markets right now, as market will give
better chances ahead for Bottom Fishing and earning handsome returns
thereafter.
Q2 FY11 Results Season is running
all over the Financial World. Hence, more of Sector Specific and Stock Specific
actions will be witnessed. Here is a quick look at some important results to be
announced domestically and internationally tomorrow. ANSAL PROPERTIES, APOLLOTYRE, BHARATFORG, BHUSANSTL, BOMDYEING, CESC, EICHERMOT,
GLENMARK, GMRINFRA, HINDOILEXP, IOC, JAICORP, JSWENERGY, LUPIN, MOSERBAER,
NEYVELILIG, PFC, PGHH, PTCINDIA, RANBAXY, SBIN, SRTRANSFIN, SUNDARAM FAST, TNPL,
TATACOMM, TRIGYN TECH and VOLTAS will
be announcing their Results in INDIA. GENERLA
MOTORS CO and CISCO SYSTEMS INC will
be announcing its Q3 FY11 Results and Q1 FY11 Results, respectively in US.
NIFTY has crossed its 20-Days EMA
(Exponential Moving Average) and 50-Days SMA (Simple Moving Average) of 5176.14
and 5044.40, respectively on closing basis. It is trading much below its
200-Days SMA of 5395.16. 14-Days RSI (Relative Strength Index) and 26-Days MACD
(Moving Average Convergence and Divergence) are moving towards their overbought
zone after being reverted from the oversold zone.
What does Indicators Say?
2. MACD (26 Days & 12 Days): Their Values are 128.65 and 106.75, respectively. A short term positive crossover is indicated by both the Moving Averages.
3. +DI: 30.61, -DI: 19.44, ADX: 18.93: The Positive Directional Index has gained strength over the Negative Directional Index and also the Average Directional Index is below 20, indicates that the market has entered in to the trading range right now.
4. SMA (200 Days), SMA (50 Days) & EMA (20 Days): NIFTY is trading below the levels of 200-Days SMA, but above the levels of 50-Days SMA and 20-Days EMA. These indicators are at the levels of 5395.16, 5044.40 and 5176.14, respectively.
Some Trading Stats of the Tuesday’s (08th November,
2011) Trading Session:
Net Buying of Rs. 456.28 Crore in Cash and of Rs. 201.08 Crore in F&O Segment by FIIs was witnessed on Tuesday’s Trading Session.
Net Buying of Rs. 233.51 Crore and of Rs. 562.72 Crore was witnessed in Mutual
Funds and Others Segment, respectively, whereas, Net Selling of Rs. 791.25 Crore was witnessed in Proprietory Trades.
In F&O Segment Net Buying of Rs. 256.49 Crore, of Rs. 152.58 Crore and of Rs. 9.87 Crore was witnessed in Index
Futures, Index Options and Stock Options,
respectively, whereas, Net Selling of Rs. 217.85 Crore was witnessed in Stock Futures.
NIFTY NOV FUTURE ended at a Premium 26.20
Points to the Spot NIFTY.
A view on some of the NIFTY 50 Stocks for TOMORROW:
CAIRN: Can touch the levels of 328/330, if crosses the level of 322.
RCOM: Can touch the levels of 89.70/90.00, if crosses the level
of 87.40.
RPOWER: Can touch the levels of 106/108, if crosses the level of 104.
For the day, intraday resistance for NIFTY comes at 5320 / 5350 / 5380 levels. At the same time, 5250 / 5220 / 5180 will act as major intraday support levels.
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