Market Outlook:
Nifty View- S&P CNX Nifty will have very strong resistance around 5010 today as Nifty continues to make lower high and lower lows. Nifty after breaching 4980 was very fast to correct and made a low of 4919 now Nifty has a strong support around 4860 & 4820 if these levels hold some relief rally is possible otherwise correction would be strong as we head towards weekend. Week has seen 4.5% downside and with Global market negative and Greece, Italy and now Spain the list of Euro zone trouble has started to have contagion impact. Retail stock saw rally on hopes of hike in FDI limits and opening up of the sector. India needs very strong reforms which has been lacking in last 5years otherwise Indian earnings downgrade could be very high. Quality Mid-cap can be slowly accumulated by long term investor with 2-3years as investment horizon SINTEX, PTC, CROMPTON, BEML, ENGINEERSINDIA, DREGDING CORP.
Sensex- Sensex is making lower high and lower low, and in has corrected from high of 17908 to 16408 in 12trading session and still no signs of bottom seen in the charts. Sensex has strong resistance around 16630-16750 levels and failing to cross that 16255 and Gap-up levels 16044-16148 would be levels to watched if in case 16040 is breached then correction could take Sensex below 15k very fast.
Technical Calls:
GMDC-Rs.179, Stock is relative outperformer and till Rs.168 is held on lower side stock has all possibility a rally till Rs.190-195. Stock is holding above 100DMA Rs.169 and 200DMA Rs.151, Nifty is down 7% in this month while stock is up 1%.
APIL-Rs.451, Stock has broken multiple support of Rs.490 which caused a Break-out after which stock is down -8.79% and stock looks very weak to Target Rs.358 on downside if weakness continues. Stock trades below all major averages with 20DMA Rs.519, 100DMA Rs.535 and 200DMA Rs.551.
Technical View: NTPC-Rs.165, Stock has been moving down on falling channel and below Rs.162 on closing basis stock can target levels below Rs.140. Stock held above all major averages for few days after recovering from low levels of Rs.160 and failed to hold higher levels. Now 20DMA Rs.173, 100DMA Rs.174 and 200DMA Rs.176 all levels are breached and stock is firm bear grip and can correct faster as Bulls are trapped @ higher levels.
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