Created: Monday, 01 December 2014 11:05
Last week After a marginal gain in early part of the week, Nifty Future saw some mild correction but recovered and gave flat expiry and on the last day of the week it extended gains by hitting all time high of 8668 as bulls had complete control over the bears, getting help from factors like Organization of Petroleum Exporting Countries (OPEC) refrained from reducing output which led to sharp decline in global crude oil prices which will help India in containing its fiscal deficit, current account deficit, reduce the government's fuel subsidy burden and fuel price inflation. Broad based buying was seen across the board specifically led by banking, auto and oil sector. The fuel prices has been lowered with Petrol prices cut by 91 paise, diesel by 84 paise on Sunday. This should help the economy and aviation Industry but will hurt the OMC (Oil Marketing Company) stocks sentiments
Nifty December Future hitting fresh highs gave closing at 8638.35 with the weekly gain of 145.95 points.Market may open on positive note on Monday as a result of better then expected GDP numbers at 5.3% for the second quarter.In near term Nifty is likely to continue its uptrend with overall breadth of the market is positive. Support for the Nifty Future will be at 8500,8300 while resistance is at 8750.
The RBI could be expected to consider lowering rates with Price of oil dropping, and economy having a subdued performance Gross domestic product expanded 5.3 percent in the July-September quarter from a year earlier, as a manufacturing sector brought the market down. Growth in the previous quarter was at a 2-1/2 year high of 5.7 percent.
· Shares of automobile will remain in focus ahead of monthly sales numbers.
· Market movement will depend upon interest rate decision by Reserve Bank of India in its bimonthly monetary policy review and further policy announcement in winter session of parliament.
· Oil stocks should be watched on likely revision of fuel prices
BUY SUNTV IN NSE CASH ABOVE 330 WITH SL OF 315 TGT 345,355
Overall trend of the stock is weak, it is accumulating at the lower levels and is sutaining below the falling trend line. It is likely to show recovery with the breakout of the trend line at the level of 330. Further the stock is trading with the RSI of 49, in near term buying opportunities can be seen in it. One may take long position in the stock above the level of 330 with the stop loss of 315, where longs can be covered at the levels of 345.
BUY SYNDICATE BANK IN NSE CASH ABOVE 133.70 WITH SL OF 123.70 TGT 143.70,150
The stock is forming a reversal pattern on daily charts after showing correction from the higher levels. It is sustaining above its 50 and 200 DMA with the RSI of 60, and is trading below the crucial resistance level of 133.70, it is likely to continue its major bull run above the level of 133.70, where traders can take long position in the stock for the targets of 143.70. Nearest support level of 123.70 can be placed as stop loss for the stock.
BUY GRASIM IN NSE CASH ABOVE 3600 WITH SL OF 3520 TGT 3680,3750
The primary trend of the stock is bullish and is trading sideways on daily charts. Presently the stock is trading below the falling trend line and above its 50 and 200 DMA. In near term, it is likely to move upside with the breakout of the trend line at the resistance level of 3600, one can expect the target os 3680 in the stock with the stop loss of 3620.
BUY AXIS BANK IN NSE CASH ABOVE 485.90 WITH THE SL 461 OF TGTS 511, 525
The primary trend of the stock is bullish , stock is accumulating at the higher levels and sustaining below the major resistance mark of 485.90. It is trading above 50 and 200 DMA with the RSI of 61.One can can expect further buying the stock if it breaks its major resistance. Traders can get 511 and 525 in near term. Technical stop loss for the stock is at 461.
BUY TITAN IN NSE CASH ABOVE 375 WITH THE SL 360 OF TGTS 390, 400
After showing correction from the higher levels stock has formed reversal candle stick pattern on the daily charts. Currently it is trading sideways and sustaining below the falling trend line on the short term charts. Breakout of its tread line resistance mark at 375 may show fresh buying in the stock and lead its bullish rally in upcoming sessions. Traders can get targets of 390 and 400 while stop loss can be placed at 360.
Created: Monday, 10 November 2014 10:38
Nifty Future begun the week with the gap up opening above its previous life time high of 8200 level as bulls had complete control over the bears and continued its rally upward throughout the week making all time high, getting help from factors like FIIs continuous buying, Brent crude declined to its lowest in four years. Some profit booking was seen in the market at higher levels.
In overseas markets, Asian stocks rose after a drop in American jobless claims bolstered optimism in the world's largest economy before a US government report on employment. S&P 500 and Dow Jones Industrial Average climbing to record levels after European Central Bank president Mario Draghi hinted at monetary stimulus of as much as euro 1 trillion for eurozone economy.
Nifty November Future gave all time high closing at 8381.65 with the marginal weekly gain of 28.95 points.
Open Interest Analysis:
Highest open interest was seen in 8500 November call option followed by 8400 call option while 8200 November witnessed highest open interest addition followed 8100 put option. This clearly indicates 8500 and 8400 can act as important resistance mark of Nifty Future while 8200 and 8100 will be crucial support level. Nifty November Future is likely to trade in range of 8500 and 8100.
Technically Nifty Future is still looking bullish on charts and if it sustains above the level of 8200 then it can make new highs in coming trading sessions.
· The government will unveil industrial production data for September 2014 on Wednesday, 12 November 2014. Growth of industrial output remained subdued at 0.4% in August 2014.
· CPI based inflation for the October 2014 will be released on 12th November 2014. CPI eased to 6.46% in September 2014, from 7.783% in August 2014.
· Government will unveil WPI (Wholesale price index) inflation for October 2014 on Friday, 14 November 2014. WPI eased to 2.38% in September 2014, from 3.74% in August 2014.
· The Reserve Bank of India (RBI) is scheduled to undertake its fifth bi-monthly monetary policy review on 2 December 2014. Investors are expecting a rate cut as inflation is set to ease further on recent sharp cut in fuel prices.
· Winter session of parliament will start on 24th November 2014. Decision on pending bills and further policy announcement may affect the movement of market.
· Second quarter GDP numbers is scheduled on 28th November.
SL 129 TGT 145-150
The stock is bullish on charts and is trading below the resistance mark of 137 with the positive bias from the last few trading session and is sustaining with the RSI of 54. It is trading above its 50 and 200 DMA. Traders can initiate the long position in the stock above the resistance level of 137 for the targets of 145 and 150. Stop loss should be placed at 129.
SL 399 TGT 425-435
The stock is trading sideways in long term, Presently it is sustaining above its major support level and given breakout of its immediate resistance mark on last day of weekly trading session. It is likely to experience fresh buying with the crossing of its next resistance level of 412. One can expect the target of 425-435 in near future, with the strict stop loss of 399.
JP ASSOCIATE BUY
SL 32 TGT 35.10-37
Over all trend of the stock is weak. Recently its has started showing recovery after giving breakout of its major resistance. It may continue its recovery rally if crosses its resistance mark of 33.60 in upcoming sessions. Traders can expect targets of 35.10 and 37 in near term. Technical stop loss for the stock is at 32.