Market Outlook:
S&P CNX S&P CNX Nifty for the day range 4910-4985, breaking the range would give better sense of direction but, Nifty has to close pending partial Gap-down (5046-5030) which is an immediate resistance on downside below 4900 then 4815 which is 200Weekly average and 4720 recent low can be important levels to watch. Shorter term Nifty 5169 double Top is important resistance added to that Gap-down(5229-5324) on 5th August, then 100DMA 5407 and 200DMA 5554 are important levels to be crossed by any rally. Nifty on downside breaking 200Simple Weekly average 4818 below close then 4500 & 4350 would be faster to become possible as advance tax numbers have started to flow with no major surprise as per indication. Weaker Rupee 47.56 lowest in 15months, down 8% from July peak is hurting importers and falling crude prices is negated keeping inflationary pressure high as RBI meets on 16th and many exporters who have hedged their position would face mark to market losses.
§ Sensex- has closed partial Gapped-down (16830-16766), and corrected to go below previous day low making 16350 as important support breaking which, Sensex moving below previous low of 15765 is very high. Sensex 200Simple weekly average 16068 below close market correction would be fastest and 14,000 levels is not ruled out. Sensex 20DMA 16585, 100DMA 18008 and 200DMA 18513.
Technical Calls:
BEML-473, has formed a triangle formation near a bottom, making higher lows and higher high could lead to levels near Rs.520. Stock would be a break-out above Rs.480 as there has been multiple top around Rs.478-479 nearly 4 times in last 6trading days and previous day volumes has been high in last 11trading session which shows inherent strength in Defense PSU.
TULIP-148, stock has closed @ 19trading days high on higher volume and this stock faces resistance around 154 which is 100DMA and 200DMA Rs.158. Stock has been in trading range so breaking Rs.150 it would move to higher range of Rs.165-150 so this can be good for smart traders who trade within a range on daily basis.
Technical View:
BHEL Cmp Rs.1701, Stock has closed near 15 days low added lowest close for the stock since 14th May/2009 is 1681 and lowest level in 28months if Rs.1660. Stock has been trading in a lower range for almost 2months and any break below 1660 then 1545 can be possible level on downside in the stock which is trading in a falling channel in weekly charts.
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