Market Outlook:
S&P CNX Nifty yesterday witnessed sharp pullback rally by taking support around 5040 levels and fast momentum was seen above 5100 levels toward the 5150 levels which is also the immediate hurdle for the market being the trend line from 5204 to 5169 levels. Nifty is also making Inverse Head & Shoulder pattern formation on daily charts and the neck line lies around 5170-5180 levels, sustaining above these levels may target 5250 or above levels in coming days. Whereas if it fails to hold these levels then it would attract fresh selling in the market towards 5100-5080 levels. Capital Goods stocks especially BHEL & LT look weak on charts as even the market rallied from lower levels these stocks did not witness any buying interest indicating weakness.
Sensex yesterday closed the gap(16889-16865) which was created on Monday with increased volumes. Now Sensex has immediate resistance around 17200 levels which was the previous top made on 8th Sept sustaining these levels may give breakout of Head & Shoulder pattern and may rally towards 17650 levels. Whereas if it fails to hold 17200-17250 levels then fresh selling may be seen towards 16800-16700 levels.One should have cautious approach at this juncture and trade accordingly.
Technical Calls:
ZYLOG (Close: 433.20) The stock has given breakout with volumes after a consolidation of four months. The stocks also trading above 200Days SMA@401. Counter sustaining above 437 levels may target 455-460 levels in coming days.
GRASIM (Close: 2320) The entire cement pack is seeing buying interest and the stock looks very attractive on charts. The counter is trading above its all major moving averages i.e. 200 DMA @2288 and 100 DMA@ 2204. One can initiate long position with stop below 2280 levels and for the target of 2370 levels.
Technical View:
ENGINEERS INDIA (Close: 262.30) The stock has given volume breakout and has formed base around 250-255 levels. Counter looks attractive and it can target 100DMA@273 and 200DMA @289 levels in coming days. One can initiate long position with stop below 254 levels.
www.nangakaro.comS&P CNX Nifty yesterday witnessed sharp pullback rally by taking support around 5040 levels and fast momentum was seen above 5100 levels toward the 5150 levels which is also the immediate hurdle for the market being the trend line from 5204 to 5169 levels. Nifty is also making Inverse Head & Shoulder pattern formation on daily charts and the neck line lies around 5170-5180 levels, sustaining above these levels may target 5250 or above levels in coming days. Whereas if it fails to hold these levels then it would attract fresh selling in the market towards 5100-5080 levels. Capital Goods stocks especially BHEL & LT look weak on charts as even the market rallied from lower levels these stocks did not witness any buying interest indicating weakness.
Sensex yesterday closed the gap(16889-16865) which was created on Monday with increased volumes. Now Sensex has immediate resistance around 17200 levels which was the previous top made on 8th Sept sustaining these levels may give breakout of Head & Shoulder pattern and may rally towards 17650 levels. Whereas if it fails to hold 17200-17250 levels then fresh selling may be seen towards 16800-16700 levels.One should have cautious approach at this juncture and trade accordingly.
Technical Calls:
ZYLOG (Close: 433.20) The stock has given breakout with volumes after a consolidation of four months. The stocks also trading above 200Days SMA@401. Counter sustaining above 437 levels may target 455-460 levels in coming days.
Technical View:
ENGINEERS INDIA (Close: 262.30) The stock has given volume breakout and has formed base around 250-255 levels. Counter looks attractive and it can target 100DMA@273 and 200DMA @289 levels in coming days. One can initiate long position with stop below 254 levels.
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