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Market Outlook 6 January 2010

Nifty (5278)
Yesterday Nifty opened gap up and closed at “DOJI” which suggest uncertainty at higher level but no sign of bearishness, some amount of consolidation cannot be ruled out. Strong support formed at 5187 level, Next major resistance placed at 5350 level. Daily RSI and MACDh are still in bullish mode where as stochastic is hovering in over bought region. Nifty 30 Minutes chart has formed “High wave” pattern which suggest some amount of supply at higher level. Over all technically scenario is bullish and buying on dips work well as long as Nifty survives 5187 level on closing basis.

Intraday Support: - 5260-5242-5230

Intraday Resistance: - 5290-5305-5325

Technical Calls 6 January 2010

GMR Infra (69)

Stock has formed “Long White Candle” bullish candlestick pattern with strong volume breakpout on daily chart. 3 days EMA has given positive cut to 8 Days EMA from below. Daily RSi entered in bullish zone as well as Stochastic and MACDh are in bullish mode on daily chart. Weekly RSI also entered in bullish zone and given positive cut to signal line. Looking at all above technical parameter trader with moderate risk appetite can consider buying at current level with stop loss of Rs.67 on closing basis for a Target of Rs.72-74.

IDFC (162)
Stock has formed “Long White Candle” bullish candlestick pattern with strong volume breakpout on daily chart. 3 days EMA has given positive cut to 8 Days EMA from below. Daily Momentum indicators are entered in bullish zone suggesting strong up move. Since last five days volume is showing increasing trend on daily chart. Looking at all above evidence trader with high risk appetite can consider buy above Rs.163 with tight stop loss of Rs.158 for a Target of Rs.172.

Market Outlook 31 December 2009

Nifty (5169)

As said yesterday Nifty has shown weakness and formed “Small Black Candle” bearish candlestick pattern. Daily RSI and Stochastic is exhibiting negative divergence in over bought zone. Strong intraday support formed at 5DEMA which is placed 5139 level, Short term support placed at 20 DEMA which is at 5083 level. Technically scenario looks again murky and selling is available at every higher level in range of 5180-5190. For strong up move Nifty need at least two close above 5200 level.

Intraday Support:-5155-5139-5125

Intraday Resistance:-5185-5195-5215

Technical Calls 31 December 2009

Tata Chemical (333)

After making double bottom at 310 level stock is marching northward and yesterday stock has broken and closed above previous swing high of 330 level with “Long White Candle” bullish candlestick pattern on daily chart. Daily Momentum indicators are exhibiting positive divergence. Looking at all above observation trader can buy at current level with tight stop loss of Rs.326 on closing basis for a Target of Rs.350.

BEML (1107)

After successful formation of “Three White Soldier” bullish pattern on 29 December but went in over bought zone, yesterday Stock has formed “Dark Cloud cover” bearish candlestick pattern on daily chart. Daily RSI has given negative cross over in over bought zone. After looking at all above, weakness is likely to persist in coming days also. Trader with moderate risk appetite can sell below Rs.1104 with stop loss Rs.1122 on closing basis for a Target of Rs.1065.

Crompton Greaves (415)

Stock has formed “Bearish Engulf” bearish candlestick pattern on daily chart. Daily RSI and MACDh is showing weakness. Weekly RSI has also given negative cross over in over bought zone. Stock has minor support at 412 level once it breaks then bear will have strong grip. Looking at all above evidence trader with moderate risk appetite can sell between 415-412 with tight stop loss of Rs.422 on closing basis for a Target of Rs.395.

Market Outlook 29 December 2009

Nifty (5178)

Last week Nifty has finally tested important resistance level of 5181 level and weekly chart has formed “Long White Candle” bullish candlestick pattern, which suggests up move is likely to continue. Daily RSI and Stochastic featuring in bullish zone. Strong support formed at 20 Days SMA which is placed at 5075 level. Although undertone is bullish but still fresh long is advisable only above 5200 and two close above this level Nifty sets target of 5450-5500 in short term.

Intraday Support:-5158-5130-5108

Intraday Resistance:-5200-5225-5254

Techical Calls 29 December 2009

HDIL (366)

Stock has formed “Bullish Flag Pattern” with decent volume on daily chart. Daily RSI, Stochastic and MACDh are featuring in bullish zone. Weekly RSI also entered in Bullish zone. More over on Friday stock has given close above 61.8% retracement level of previous dynamic corrective wave. Looking at all above evidence stock has first immediate target is at RS.380-Rs.385 level and crossing which stock may test Bullish flag target of Rs.410 in short term. Strategy for 5 Trading session Buying should consider above Rs. 366 with stop loss of Rs.360 on closing basis for a target of Rs.380-Rs.385 and for Short term target of Rs. 410 stop loss should place at Rs.350 level.

Adityabirla Nuvo (911)

Friday stock has broken uncertain clusters of candles signal and formed “Long White Candle” bullish candlestick pattern with strong volume breakout on daily chart. Daily RSI, Stochastic and MACDh are featuring in bullish zone. Weekly RSI also entered in Bullish zone. As per Fibonacci study stock has given close on the verge of 61.8% retracement level of previous corrective wave, which depicts stock has potential to test previous swing high. Looking at all above observation trader with moderate risk appetite can consider Buy at current level with stop loss of Rs.897 on closing basis for a Target of Rs.965.