Market Outlook:
Nifty View- S&P CNX Nifty will have very strong resistance around 5080 today as Nifty continues to make lower high and lower lows. If Nifty holds 4970 then there can be rally till 5080 or slightly higher levels. Nifty has broken 50% retracement levels for rise from 4728 to 5399 now 61.8% comes around 4984 and if Nifty closes below 4980 for 2-3days then 4700 would be soon breached. MSCI has added BHARTIARTL-IDEA-PFC and weightage has been hiked in SBIN can see some positive while ICICIBANK-HCLTECH-HEROMOTORCO can be negative due to adjustment in Index while SAIL-IBREALST-HDIL can correct due to deletion from the list, based on which ETF flows. U.S. stocks fell hard Wednesday after Fitch Ratings said that the credit outlook for U.S. banks can worsen if the euro-zone debt crisis is not resolved in a timely manner. India's Debt at 70% of GDP Is 'Constraint' to Higher Rating, Moody's Says.
Sensex- Sensex is making lower high and lower low, so till Sensex is unable to cross 17170 weakness would continue for the day. Sensex up-move from low of 15745 to high of 17908 is below 50%-16826 and now 61.8%-16571 would important level breaching which then 16255 becomes very crucial level on downside. Sensex already trades below major averages 20DMA-17223, 100DMA-17342 and 200DMA-17920 clearly indicating weakness where failure to cross 17275 would be considered weakness in coming weeks.
Technical Calls:
IDEA-Rs.98, Stock is near 41months high of Rs.103.7 Breaking which Rs.115 can be possible target in the stock. Stock after long consolidation gave a price-volume break-out after news of stock being included in MSCI India Index hit the street. Stock trades above all major averages 20DMA Rs.94, 100DMA Rs.91 and 200DMA Rs.78.
PFC-Rs.168, Stock is holding well in a weak market and break-out above Rs.172 which is sloping trendline resistance then Rs.190-195 can become possible. Stock has been included in MSCI India index which will be positive for next few weeks if market sustains.
Technical View: SAIL-HDIL-IBREALST-Selling pressure after deletion from MSCI Index-SAIL-Rs.93 has been deleted from MSCI India Index along with HDIL & IBREALST all 3stock saw selling pressure. SAIL has made 32month low and looks weak. HDIL-74 is near all time low of Rs.62 which looks to be breached on downside. IBREALST-Rs.66 is making all time low and looks weak in very short term.
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