Broader outlook for Oct 31st

Key benchmark indices edged higher as Asian and European stocks rose on speculation Federal Reserve policy makers won't announce any major changes to monetary stimulus.Indian stocks gained for the second day yesterday, 30 October 2013. The market may remain volatile today, 31 October 2013, as traders roll over positions in the futures & options (F&O) segment from the near
month October 2013 series to November 2013 series. 

Federal reserve left monetary policy unchanged, though markets were expected slightly more dovish language from the U.S. central bank's statement, which gave room for the dollar to rise, but is a good news for Indian market, but do not expect much to happen today because of expiry. Nifty closes above 6241 level for continuous Two Days will take the index towards 6333---6367----6408 mark and  break below 6233 level and trades below this level for atleast 20 minutes then it can slide to 6220--6211--6201--6196--6188

Intraday Levels
NIFTY is likely to open down a little today. It has trading support at 6220 only. Suppose if it breaks 6220-6200 ranges then only we can think for decisive dip. Well, there is no great reliability for expiry day. It depends on traders if they want to hold long or want to cover long. On higher side 6270-6280 will act as stiff trading resistance.

Pivot Levels for stocks of the day

For exact levels to trade above securities contact vijaykumarrao.invest@gmail.com 

Outlook for Oct 30th

Yesterday session is a great session and Nifty made a solid move after boring 6 days. As I said above 6134 Nifty is strong. Nifty tried to cross this level after policy was announced but failed in its first attempt after making high of 6137, but in its second attempt it consolidated at these levels and made a solid move to cross all intraday resistance and made a high of 6237 and closed at 6222.

If Nifty closes this expiry in this range it will be highest montly close since 5 years.Nifty could move to 6300 levels only if it can cross 6245 - 52 levels and stay for atleast 30 minutes which it has failed before. FIIs were still pumping money into market and it seems there is no end for this.

Intraday Levels
For the day if Nifty will open with gapup and if it can cross 6245 and stay for 15 mins it can go to  6256,6276 and 6291 and for the downside below 6209 it can go to 6193, 6179 and 61616. In the stocks please look for banking and other rate sensitive stocks as they will give solid returns.As stated in previous blog banking and rate sensitive stocks have given solid returns and have participated in the move and they will continue to do better.

Pivot Levels for stocks of the day

For exact levels to trade above securities contact vijaykumarrao.invest@gmail.com 

Broader outlook for Oct 29th

As stated in yesterdays blog I clearly mentioned that Nifty will open positive bias and is unlikely to sustain at these levels. Nifty opened above 6161, but unable to stay at these levels and as stated before below 6134 it went to 6119, 6103 and came near to 6097 which is the low for the day. We have seen profit booking and bears were slowly gaining strength and are ready to move the market to levels of 6040 and also to 6000 which can not be ruled out.

Intraday Levels
Nifty is expected to open flat to positive bias, but real actions starts after 11 AM as we have key event today of RBI coming up with policy which market was expecting  raise of 25 basis points and any positive or negative surprise(50 basis high) could move the market swiftly and so suggest traders to keep away from market till then and take a call based on levels. Nifty is strong above 6134 for 6161, 6193 and weak below 6090 for 6070 and 6040 levels.

The real action will be in BankNifty, Banking and other rate sensitive stocks. I am sure you will get lot of opportunities after policy was announced and suggest to trade with proper levels. What ever will happen I am expecting half glass empty which is I am biased towards downside because people are waiting to book profits since long in many stocks which have run a lot.

Pivot Levels for the day

For exact levels to trade above securities contact vijaykumarrao.invest@gmail.com 

Outlook for week and Oct 28th

Last Nifty failed to close above key levels of 6240 despite making new 52 week
high of 6252, highest Nifty has closed last week is 6207 and lower level that we
have seen is 6144 and is in this   trading range for whole week, we were seeing
lower lows which is a indication that despite market being in confused state, it
is drifting down and is now above key support area of 6235 levels which is again
very key. Nifty should close above 6240 to go to new high levels and below 6135
we could see 6040 which is again a key support area and will fill the gap it has
created. Key Nifty resistances are 6161, 6220 and 6267 and supports are 6135,
6090 and 6040

 Short term outlook
This week we have RBI policy, Fed FOMC meeting and expiry on Thursday morning
and so the market will be very volatile and traders will get lot of oppurtinities, but have to be extermely agile to book profits, suggest weak hearted to keep away from market till we see this tide settling. It is better to trade stocks instead of Index for better results during next 1 week.

Intraday Levels
We are expected open positive above 6161 spot level which is key but not sure it will sustain at these levels as we have seen choppy market as we have seen whole of last week. For Intraday Nifty could cross 6161 for 6181, 6194 and 6207 and for down side below 6134 it could go to 6119, 6103 and 6090.

Pivot Levels for the day

For exact levels to trade above securities contact vijaykumarrao.invest@gmail.com

Outlook for Oct 25th

Nifty spot on Thursday opened at 6171, went up to make a yearly high of 6252, but then heavy shorting pulled it down  by 110 points to 6143 to finally close around 6164 in the form of a but has closed just above critical level of 6161 . Although another attempt will be made by nifty spot to test and breach the newly made yearly high of 6252 but another failure to sustain above the resistance line around 6242 may spell the end game for the bulls at least for next few days. Every time experts were talking about all time high or recent lows the market reacted differently which should be noted.

Short term outlook

A slide below the critical zone of 6136 to 6130 will pull down spot nifty towards the next critical level around 6116 followed by 6100 or even further down towards 6085 to see the bounce coming, however in case nifty spot does not slide to sustain below 6136 to 6131 critical zone  but manages to move up, then expect the initial resistance to come around 6190 to 6196 spot levels  sustaining and closing at least a 15 or 30 minute candle above which may see massive short covering to propel nifty spot towards 6212 followed by 6242 to eye towards Thursday’s highs of 6252 or even higher levels.

Intraday Levels

We may open low as our Asian markets were indicating well below the support level of 6161 which is key support area and trading below 6136-30 for some time is a great opportunity to short as this move could lead the market further down to 6100 levels and for upper side a trade above 6190 can be used to go long for a target of 6110 and higher levels. What is interesting is BankNifty has started doing well since yesterday which has major weightage in Nifty with ICICIBank also coming out with it resulst and it could set the trend for the market . IT is still correcting and could do for some more time to reach a healthy levels. I prefer to trade short for today as I see market going down to  6000 levels for this expiry.

Pivot Levels for the day

For exact levels to trade above securities contact vijaykumarrao.invest@gmail.com

Outlook for Oct 24th

Indian markets also followed Global sentiment and slipped below next trend deciding range(6164-6221). Breaching 6161 in spot is critical and it has bounced back from its lows of 6116 to bounce back to above 6178 above key 6161 level which is again indicates strength in the market which could be trap for long only traders by bears. We saw lower lows and lower highs which is a clear indication of weakening of trend.

Short term outlook

Short term players can short the market and have strict stops at 6232 in spot or 6242 in future  if they can risk and can average at higher levels if you get levels of 6220 levels by keeping SL as stated above. Dont be surpirsed to see 6000 levels this expiry down side and you can use trailing stop loss at every levels and the trend can change only if we see Nifty trading above 6240 level for levels of 6300+ levels which was expected by many.

Intraday Levels

We are going to see another flat opening and for intraday I feel break above 6194 levels can be used to long and below 6161 can be used to short Nifty on spot basis. BankNifty is a good option trade in today for upside if you can get levels traded stated below as most of the PSU banks along with ICICI and Axis are looking good for upside.

Pivot Levels for the day

For exact levels to trade above securities contact vijaykumarrao.invest@gmail.com

Broader outlook for Oct 23rd

Outlook for the day

Yesterday Nifty was in 6185 - 6220, but closed just below the previuos days close and as the market is in a range since last 2days in this week after a huge rally which is normal in a trending market, but this is frustrating to many who are looking for the magic figure.  Normally this consolidating is good for the market for next major mov and many were sitting in sidelines for the Nifty to move above 6240 or come below 6160 for any further action. DII's were still selling and yesterdays figure is more than what FII's have bought yesterday. The FII's figure is less than what they have bought since last one week.


Intraday Strategy

NIFTY may open positive to flat for third consecutive and looking for clues and leadership. this is frustrating movement and need lot of patience. It can just confuse for direction. I am still considering 6221 – 6240 as stiff technical resistance. In lower side, it will get support at 6150-6160 levels. Which side will it break? It is better to go for wait and watch mode. At least I doing that and is not in a hurry for trade. Bank Nifty is also looking good and is a better trade in Index.

Pivot Levels for the day

For exact levels to trade above securities contact vijaykumarrao.invest@gmail.com

Broader outlook for Oct 22nd

Nifty opened flat and made a strong move to 6218 and reversed back and made a low in the first one hour at 6177 and infact as stated before Nifty has support above 6193 but was not able to make big move and has again made a low of 6163 and did not stay for long below 6165 which is a sell. The last 30 mins saw Nifty crossing 6193 again for a target of 6210 and achieved it, but was not able to reach 6225 which is ultimate target. Nifty ultimately closed bullishly but seams it was loosing its strength as we are going to see some bad results and also global markets were also not supporting. What we are still seeing is FII's were buying and DII were selling almost all equal amount.Nifty Should move above 6240 or should move below 6140 for a real trend as they act as a real support and resistance for short term.

Strategy for the day

Nifty may open flat to negative and as we move ahead for the day the levels to watch levels are for confirm trend for the day are 6161 for lower levels and 6209 for higher levels and stay for 30 mins to make a move to 6140 and 6240 . We can also watch in spot for 6177 for shorts but should maintain a strict SL of 6195  and above 6193 for long with SL of 6177.

Index and Stocks for the day levels

Weekly and day outlook

Week that has been

Nifty Last week made a decent move from its earlier range and is heading towards its last 2 year high. Nifty has crossed some of the major resistance and gained enough momentum for further move. The results that have come up were decent and the real kick is US getting out of Shutdown. Through out the week Nifty was trading well but has created jitters on Thursday when we saw a suden correction which is nothing but profit booking despite FII's pumping money. Many experts were cautious and were talking about levels below for very short term, but FII's have other Ideas and were pumping money into market which led to Fridays violent move had shown that Nifty which closed at 6189 for the week  is not ready to give up till it reachs its recent 2 year high and could also reach all time high which will be decided this week with more results to be declared this week which could set the trend. Nifty has formed inverted head & shoulder which shows a target of 6600 which is unlikely for short term, but medium to long term it is very much possibility

Weekly outlook for Oct21 - 25th

For next week I predict that market may remain in bullish zone for  some time.If this momentum continues we may see Indian Market to make new high of 6350. Major support are between 5880-5930 and Major resistance are between 6210-6240.Now 6050 will act as strong support for Nifty Future.Any decline to this level could be considered as buying opportunity.A break below 6100 can move Nifty Future down and price may get support at 5980,5920 and 5880.Where as a break above 6160 would move Nifty Future higher and price may find resistance at 6240,6270 and 6320. Weekly RSI and MACD is showing extreme strength and we could see this rally continuing till 6240 which is a key level. I prefer to wait watch as I am expecting we may have reached top and correction is due at recent highs. Short term traders can book profits and can enter at lower levels.

Major Results for the week

As per the second quarter result calendar, HDFC and Asian Paints unveil Q2 results on Monday 21 October 2013. Cairn India and Wipro unveil Q2 results on Tuesday, 22  October 2013. ACC, Ambuja Cements, Hero MotoCorp and Power Grid Corporation of India unveil quarterly earnings on Wednesday, 23 October 2013. Kotak Mahindra Bank and NMDC are set to unveil Q2 results on Thursday, 24 October 2013. ITC, ICICI Bank and GAIL (India) unveil Q2 results on Friday, 25 October 2013.

Intraday Outlook

For the day Nifty is strong above 6193 and weak below 6165 levels and India VIX came at 20. Above this level one can look to buy Nifty and below 6170 we could see some weakness but 6140 - 50 level will act as a major support area. coming to individual stocks IT could be become weak on profit booking and FMCG could continue to do well. Suggest retailers to trade cautiosly and not get carried away as we get caught wrong footed.


Levels of Index and stocks for the day

For exact levels to trade above securities on Intraday basis contact vijaykumarrao.invest@gmail.com

Broader outlook for Oct18th

Nifty is on a profit booking mode after a rally lead by IT and Pharma. IT which is the leader has seen profit booking and we probably see it contunuing this trend for short term. What we have seen is some buying in FMCG which is defence sector and is a clear indication. FII's were still pumping money into market and what we have seen till now in results season is results which are very good to good and now the reality is we are still awaiting results which are bad to ugly which could set the trend for the market. Nifty could close between 5940 -6030 levels for this expiry based on the OI in options market.

Nifty could open at 6075 - 6080 based on global cues, but it is not easy to sustain at these levels as we may see more profit booking. Yesterday Nifty found support at  6035 - 40 levels which is a key level, if it breaks below this level I am sure we will see it going towards 5980 and 5940 levels in short term and on the higher side 6110 is a resistance which it tough to break. I am expecting market to drift down after gap up and will cover the gapup as day proceeds and so by bias is to look for shorts at higher levels.

Stocks for the day

AxisBank
M&M
HeroMotor
ITC
Bharatforge
Cipla
Zeel
SunTV

Broader outlook for Oct 17th

Market is in profit booking mood on Tuesday and we could see flat opening and consolidate at these levels for further move and may face slight resistance at 6110 - 6115 level, but major resistance is at 6140.

With US coming out with a solution before Oct 17th we may see market going up and also results till now will support the market to move up towards 6200 in spot. We may see strong rally above 6140 which is strong resistance and if it moves below 6040 which is a strong support because of any reason we could see it coming down to 5975 levels. The point is market has good legs to move up and is ready to ignore negative news and take only positives, but we may see change in this attitude may in next one week.

Pivot Levels for Index and stocks

Stocks for the Day

Axis Bank
Bajaj Auto
TechM
Lupin
Havells
LicHousing
HindUniliver

Broader outlook for Oct 15th

Nifty is continuing its bull run even though  global markets did not supported it yesterday. Nifty opened flat and was in a range bound and close above its immediate 6110, but closed below its intraday resistance 6120.

Yesterdays evenings inflation data is ugly and it is neutralized by blockbuster Reliance results which have surpased all exception. Inflation data shows RBI will come up with more money tightening measures and we may see more Repo rate increase which could upset markets in. The immediate clues are the expected hope of understanding politicians are expected come to to solve the partial shutdown and technical default of US for Oct 17th and good results are expected by IT and some private sector banks, but the companies with bad results are expected to announced from next week which may set trend for market.

Taking clues from global markets and domestic information, Nifty is ignoring all the negativies and is expected to open above 6160 in spot and above 6200 in future which is above all resistances, remember as Nifty moves ahead despite having head winds the risk is increasing and it is better to wait in sideline instead of long for short term.

For intraday traders as  trend is friend if Nifty consolidate above 6150 - 6160s for atleast for 30 minutes, it is better to go long, if Nifty trades below 6140 which is very much possible it is better to go short with a strict stoploss of 6150 in spot.

Pivot Levles

                          

Stocks for the day

RelInfra
Reliance
Wipro
HCL
GodrejInd
Axis
Asian Paints

Broader outlook for Oct 14th

Nifty is expected to open flat to a bit negative, but the very short term the momentum is strong and could go to 6140 in spot, but the immediate resistance is at 6100 - 6110. On the downside 6040 is key level for this momentum to continue. If this level breaks we could test 5975.

With the expected results of some of the companies being anounced we could see these stocks moving either way and it is better to play based on levels in these stocks. IIP numbers are bad and also US is still facing issues without its deadline. We expect USDINR to be flat and looking for clues for further move.

Pivot Levels to be watched

Nifty - S3 - 5998, S2 - 6022, S1 - 6059, P - 6083 R1 - 6120 R2 - 6144 - R3 - 6181
Bank Nifty S3 - 10062, S2 -10185, S1 - 10403 - P - 10526, R1 - 10745 R2 - 10867 R3 - 11086

Stocks for the day

Heromotors
JindalSteel
Bajaj Auto
Kotak bank
Bharti
Cairn
BharatForge
Asian Paints

Please check my previous blog http://letstradeforprofit.blogspot.in/2013/10/weak-ahead-oct-13-18.html for weekly levels of index , stocks and also major events which could impact market movement

Weak ahead Oct 13 - 18

This week as major events awaiting which could influence market in major way. The major expected events are on Monday we have WPI and CPI data, some of major companies results and the most important of partial shutdown of US and expected due date being Oct 17th.

Next week Levels

Last week has been good Indian markets as it closed high and crossed some of they level in which it was trading in range  of 5840 - 5950 and has bounced from these levels to higher levels of 6100 which is again a resistance and major resistance being 6140 which I feel is very difficult to break and we may retracing of the market if news flow is not supporting. On the lower levels you 6040 as support area and if it breaks we can again see 5950 levels. As we are expecting major events to play on the market we may see high volatility whole of this week.

Nifty Key level 6040 for downside and 6140 on the upside for major breakout.

Results awaited

Among prominent quarterly results which will be announced next week, Reliance Industries and IndusInd Bank announce their Q2 results on Monday, 14 October 2013. HDFC Bank and TCS announce their Q2 results on Tuesday, 15 October 2013. Bajaj Auto unveils Q2 results on Wednesday, 16 October 2013, when the stock market is closed on account of Bakri Id. Axis Bank unveils its Q2 results on Thursday, 17 October 2013. HCL Technologies announces its Q1 results on Thursday, 17 October 2013. L&T announces Q2 results on Friday, 18 October 2013. UltraTech Cement announces Q2 results on Saturday, 19 October 2013.

Inflation Data

Wholesale price index (WPI) and the consumer price index (CPI), both, for September 2013, are due on Monday, 14 October 2013. wholesale price index (WPI) is seen easing slightly to 6% in September 2013 from 6.1% in August 2013 and he annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India is seen easing a bit 9.4% in September 2013 from 9.52% in August 2013 as per experts.

US Shutdown
Investors across the globe are closely monitoring political developments in the United States as a partial government shutdown continued for the second week. With Obama being adamant if agreements is not reached before 17th of October which is unlikely technichal default of US may impact markets world markets.

Major Stocks and Indicies to watch for this week Oct 14 - 18


Nifty - Expected to be volatile
BankNifty - Expected to be volatile
IT Index - Expected to move up
HCL Tech - Expected to move up
TCS - Expected to move up
Reliance - Neutral towards positive bias even though results could be better
Axis Bank - Neutral and volatile
IndusInd- Neutral and volatile
HDFC Bank - May continue to deliver positive results
Baja Auto - Domestic market may disappoint
Ultratech - Being the weakest quarter for cement do not expect major surprise  

Trading levels of some major stocks

 Axis - has a support at 1060 which is 38.2% and can head to 1161 and to 1250, If it breaks 1060 convincingly the target for short is 950

Bajaj Auto - Is at all time high and break above 2180 could reach 2300

Bharti Airtel- Is at historical resistance area of 338 which is very strong, close above this level could lead to 52 week high of 357

DrReddy - Has a target of 2480 which is 52 high if it crosses 2430 and below
2400 it could go to 2360, but the bias is upside

DLF - has found support at 151 and heading towards 170 levels, break below 150
levels could move to 130 levels

Havells - Heading towards 730 levels and is in aclear uptrend from 550 levels HCL Tech - in a long term uptrend and can reach 1200 

HDFC - has a strong resistance at 817 which is 61.8% retracement level and can
move down to 780 levels for short term, break above 823 could move 860 levels

HDFC Bank - A beautiful chart and is in a clear buy above 663 for 680 - 685 level, below 840 it is sell for 620

Hero Motor - looking stong at these levels and is heading towards 2135

ICICI Bank - Heading again for 1050 levels which is 61.8% level and below 940 could go to 870 levels

IndusInd - Has found support at 394 and is heading towards 450 and if breaks 410 it can go back to 394

Jindal Steel - Is heading towards 260 level as it has move above 244 levels which is 38.2% level

JSW Steel - Looking extremely good and is heading towards 850 levels if it can cross 800

Jubilant food -  has found strong resistance level which is 1222 and has started  its journey and if breaks 1110 which is 61.8% retracement level it could go to 1075 and 1040 levels which are 50% and 61.8% retracement levels

KotakBank - Has done extremely done when it took support at 670 which is 38.2%
after coming down from 780 and met its target 725, but is not able to move above
and if it breaks 725 level convincingly it could go to 755 on the downside it can retest its previous support area 670 if it breaks 700

LT - Looking extremely good and is at 890 which is 50% retracement level and if
breaks it could go to 940 levels and in the lower side below 840 it will head back to 775 levels

Lupin - At life time high after finding support at 770 levels, if it breaks above 950 its next target is 1000 and the other side below 906 it could come to 870 levels

MCdowell - Always finding resistance at 2585 levels if it can cross 2610 it an reach it all time high of 2800 again and on the other side if comes down below 2450 it will head back towards 2250 levels

Maruti - Is on a strong foot and is heading towards 1500 and 1560 as it has crossed 1428 which is 38.2% and lower side if it comes down below 1400 could head back to 1340 levels

Ranbaxy - Below 385 Ranbaxy can move to 360 levels and on the other side 430 it
can reach 470

RelCapital - Has always found resistance at 360 and above 365 it can reach 380 and on the down side which is more likely if it comes below 340 it could head to 315 levels

Reliance - Is finding resistance at 866 which is 61.8% and if it closes above 870 it can reach 895 levels and down side it could touch 830

RelInfra - Ss heading towards 435, but has formed a bearish candle, if it closes below 410 levels it could again head towrds 390 and 360 levels which is 61.8%

SBIN - Is finding extremely difficult to cross 1685 levels and if it find resistance it could head back to 1450 levels towards lower level and on the higher above 1700 it could reacg 1820 levels

Sun Pharma - Is at alltime high and is consolidating for its next move, above 660 it can reach 700 and towards lower level it can touch 600 first and take support

Tata Motors - The star of last week, look at the way it has moved and is head towards 400, no call as of now better watch to short if it comes below 355 levels

TataSteel - Heading up for a targe of 330 and lower side below 293 can reach 270 levels

TCS - Another bell weather which is heading towrds 2300 levels and extremely strong stock as it has crossed 2075 level

TechM - Another star which is heading towrds 1600 levels, just watch these stocks as we will not get levels to trade unless you hold

Wipro - Not the best stock when it comes to performance, but is a trading stock
if it crosses 500 it is buy and on the other side it comes donw below 475 it can be shorted for a target of 430 levels

Zeel - Always finding resistance at 255 levels and if it breaks baove 260 it can  reach 270 levels again.

Yes Bank - A bluechip in making infact and has always delivered, but is high
beta stock, if it can hold 350 levels it can sure reah 380 and 420 levels and below 340 it could head to 300 levels again

Broader outlook for Oct 11th

With positive close of Nifty yesterday above its previous close, but it is still below the level of next resistance level which is 6040. Nifty is on a very strong foot and with the current markets conditions globally supporting domestic market with a partial understanding expected in US to overcome Oct 17th deadline there is a strong posibility for further rally of markets globally.  We could also see sell off  as nothing is certain to happen in market, if Obama does not agree to this deal and market like India are going to be impacted being high beta market.

Today with expected gapup  of more than 60-70 points as indicated by  global markets we may open at 6100 in spot and 6140-50 levels in future, we may see Nifty crossing the immediate resistance of 6040 . Most of the people who are long and we could also see profit booking at levels 6130 - 50 levels in future as we also have local news coming from Infy , PII and CPI  data and 5997 is resistance area. I feel technicals may not work based on such a strong events. My levels are at the higher level 6110 and at lower level 6040 in spot is key and move above or below gives trading oppuritnity for both shorts and long for short term.  Banking,IT,Reality and Pharma sectors needed to be watched.

Trade carefull and wait till 11 PM for making any trade and follow the trend.

Stocks for the day

Asian Paint
Maruti
 Reliance
TataChem
Uniphos
Infy
TechM
DrReddy
SunPharma
KotakBank
JubFood


  

Broader outlook for Oct 10th

Nifty made huge move yesterday with support of good news of CAD deficit and in this process crossed all the resistance areas 5950 and 5975 which is 61.8% resistance level and is trading at 6000 levels. This move has surprised every one and the last hour short covering moved Nifty move to levels above 6000 and caught everyone on wrong foot. As stated on yesterday 5880 is a support area along with 5850 levels and they have always provide rock solid support to Nifty since last 20 days.

Nifty may open flat to small negative bias today and the next levels to look after are 5975 level at lower side and 6040 at the higher side. Breaching of these levels either way could set a trend for the day.  Nifty is looking good for further move upside atleast for the day.But for the shorter term closing below  5950 and above 6040 sets trend to reach 5880 - 5850 towards lower side and 6110 for higher side.  We are always finding support at lower levels and it seems heading towards 6250 levels. The bias clearly towards upside and the momentum could continue for the day and also to short term.

Will provide levels intraday levels to trade in Nifty

Stocks for the day

RelInfra
ICICI
Tata Motors
JindalSteel
Lupin
Maruti
KotakBank
LT

Broader outlook for Oct 9th

As expected Nifty opened with gap up and has jumped over 5950 which is a major resistance level, but as stated before 5980 which is 61.8% as per Fib levels has resisted Nifty move and has pushed to 5950 levels. Ultimately even 5950 was not able to give enough and has drifted further down. Remember I stated in my previous blog so short Nifty below 5950 and it has happend and many would have gained handsomely . Nifty was trading in this range since 20 days and I am sure we will see major break from these levels in next 4 - 5 days.

For intrday traders as Nifty has found resistance at 5950 again when it tried to move towards last one hour is a clear bearish indication. Nifty is now expected to trade between 5850 - 5950 which are acting as major support and resistance levels. With the tug-off  in US continuing things are getting worse as Dow Jones is going and it has lost nearly 1000 points with out much support. We may see gap down today based on cues from global markets and the bias is down wards  movement of Nifty and 5880 could act as a support area and if it breaches we have a very strong support area at 5840-50 levels. Don't be surpirsed with pullback from these levels as it has happened.

Stocks for the Day

AuroPharma
Axis
YesBank
ACC
PNB
ITC
BhartiTel

TechM

Broader outlook of market Oct 8th

Nifty closed at 5906 which is lower than Firday's low of 5907 and as expected 5910 is resistance area. Nifty made a low of 5825 and for it to go down further it should trade below strongest of strongest support areas of Nifty 5840 for a period of 30 - 60 minutes, which it has failed and a made a rally which requires to stay above 5880 levels which it did and ultimately has found resistance at 5915 - 5920 which is infact a bearish indication, but with expected gap up opening we may see this level breaking easily based on positive new flow from RBI and also FII's were still buying in tons which is holding the market.

Next resistance area is 5950 levels and for you to go long Nifty should trade above this level for 30 minutes for higher levels of 5985 - 6000. Don't be surprised if market goes to 6200 levels in next or 5700 levels based on the technical and fundamental data. The medium term outlook is still bearish and the short term outlook is bullish.  Be prepared for shorting if market comes down below 5950 levels because of any reason and trades for 15 - 30 minutes.


Stocks for the Day

Banks and IT will do well based on news flows

Yes Bank
Jubilant Foods
Sun TV

HCL Tech
Axis Bank
SBIN
BOB

Broadar outlook for Oct 7th and Next week

This week Nifty ended on higher note at 5907 compared to last week close of 5833 which is defiently a better close, but it was not able close above the 50% retracement of 5920 which is key for the bulls to consider going long. Nifty failed to hold highs on Friday and ended below key level, but the important fact is it is trading above most of short to long term EMA's.

For nifty to make a decisive it should cross 5920 levels convincingly to reach 5975 levels which is 61.8% to make a bigger move towards 6100 which was expected by many experts to happen last week. For the bears to take over Nifty should close below 5840 which has been the strongest support area since last 3 weeks. So the bias is equal and we may see Nifty find a direction this week after being rangebound for few days.

The trade for the day is go long in Nifty it crosses 5925 levels and stays there for atleast 15 mins and on other side you can short Nifty if trades below 5880 for some time. 5840 is a major support area and if it can find support at this area it is good for the market.

Stocks for the day

Lupin
TechM
IndusInd
HeroMotor
JindalSteel
M&M

Broader outlook of the market for Oct 4th

As expected has yesterday market moved up with small gap up, but as stated yesterday if it trades above 5810 for some time it will make move to 5840, which it did. I expected resistance at this area as it is near 200 DMA, but stated that if it crosses it is going to make good move as it has been very strong support area, but no one expected such a huge and wild rally and has reached 5910 which is near to next resistance level.

Nifty spot's 5920 which is 50% retracement will act as strong resistance and so 5910 to 5925 will be a strong resistance and is not easy to breach. If Nifty breaches this level on closing basis the next resistance level will be 5973 which it is unlikely to reach in few days, but the under current is strong and we may see this level next week if events support this.

Today we may see small gap down because of international markets and the next support area will be 5881 which has been support area before, if it trades below this level for some time we could see market going  further down to 5860 levels.  Market is looking overbought and we could see some profit booking today and also coincided with Friday. The trade for the day is downward bias, but be prepared for a move to higher levels also..


Stocks for the day

Mcdowell - Looking weak
Ongc - Technically and fundatmentally very bullish
Axis Bank - Looking very strong and has found support at 1000
Bajaj Auto - At 52 week high and can be traded either way if it faces resistance
Sun Pharma - Above 610.5 it is looking very strong


Will post levels later in live market.

Broader outlook for Oct 3rd,

The short to medium term trend is intanct and can move towards 5600  and 5500 levels provided Nifty closes below 5700 which is recent low and where it has found support. But the trend for next few days is up as Nifty was finding support at 5800.

For Intraday Nifty spot closing above 5810 for atleast 30 minutes is a clear indication for the market to go up and find support at these areas towards 5840 which is 200 DMA and has always been a very strong support areas. Stay above this will level which is not easy can move the market towards 5910 where you can see sustained selling.


Intraday and short term Levels for Nifty Future
Above 5853.60 can move to 5894.90, 5927 and 5960
Below 5822 can move to 5797, 5776, 5750 and 5720


Stocks for the day

Ranbaxy
Havells
Auro Pharma
ABNuvo
TCS
Relcapital

Stocks for Oct 1st

Avoid trading in Nifty till 11 AM
Sell Nifty 5 below 5766 SL 5790 T1 5746 T2 5730 T3 5713
Buy Nifty above  5812 SL 5788 T1 5831, T2 5848 T3 - 5865

Sell Jindal Steel 231.7 SL 235 T1 229, T2 226

Broader outlook for Nov 1st

Yesterday Nifty as expected opened with a gap down and has crossed all the support levels and has moved down towards 5700 which is next support area. It had a move till 5718 and bounced back.

With the better than expected positive data from  CAD we are expected to move up today and next key is 5800, if the market was able to move above this it is positive and can be expected back to 5900 levels, if it breaks below 5700 it can reach next target which is 5600 and to 5500 levels.

Stocks for the Day

TataSteel
Relcap
JindalSteel
Axis Bank
SBIN
AuroPharma