| |||||||||||||||||||||||||||||||||||||||||
Tuesday, September 13, 2011
Reminder about your invitation from Narendra Yadav
Daily Fundamental Snippets -13/09/2011
OUTLOOK
The global mixed are on mixed terrain and we may see our markets opening on a flat note today.
It's all about Europe right now and the main question related to whether or not the politicians have the resolve or the ability to rescue Greece and whether or not the contagion spreads beyond Greece. It is quite unclear right now whether the politicians do indeed have the ability to put some sort of rescue together.
All other asset classes are also facing the pressure with Euro crisis heating up the dollar index is also going up. this is further putting pressure on our equity markets and other currencies also. a bubble like situation is also felt by the investors in gold whic is anotherreason for the huge dollar demand.
We remain cautious on markets
Derivatives Strategist 13 September 2011
Market Outlook
After a gap down opening, nifty future fell down sharply towards 4900 levels and gave a small bounce towards the end of session up to 4965 levels. On option front, maximum Put OI is at 4700 followed by 4800 strike and fresh writing seen at 5000 strike while maximum Call OI is at 5200 followed by 5400 strike. If Nifty future sustains above 5000 levels then it may move up towards 5050-5100 levels. On downside if it fails to hold 4950 levels, then selling pressure may get intensified in the market towards 4900-4800 levels.
Derivatives Calls : Buy Cipla and Jain Irrigation
First Morning Technical Call
Market Outlook:
S&P CNX Nifty has broken down from Rising WEDGE with a Gap-down (5046-4985) which becomes important resistance for any rally. Nifty has made low in 8trading days and closed below 20DMA 4987, any rally will face resistance around 5000-5050 and it can be a opportunity to reduce position, below 4910 Nifty correction till 4800 & 4720 becomes possible. IIP data which can around 21months lowest level around 3.3%, weak Rupee which is 47.22 and rising Dollar Index are weakness in Indian market as Strong Dollar Index would force FIIs to move out of emerging markets. BANKNIFTY has Gapped-down (9647-9347) which indicate major weakness and levels below 8917 and 8500 can become a possibility. SBIN, AXISBANK, CANBANK, ICICIBANK, IDBI, FEDERALBANK are few banks which has Gapped-down and Caution is advised as 8-10% downside can be possible.
§ Sensex- after making double Top 17200 has Gapped-down (16830-16668), which has strong reversal as it comes near gap-up levels. Now if the Gap sustains then chances of 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 which was trading above 20DMA 16614 for 6trading days has now closed below that. Sensex failing to cross 16700 would be more negative today as on downside 16400 support has been breached.
Technical Calls:
BERGERPAINT-108, Stock on Weekly charts has been forming a triangle for last 12months and now stock has broken away from a triangle formation on higher volumes. Stock looks very good to target Rs.123 which is all time high and move higher from these levels. Stock traders above all major moving averages with 20DMA Rs.101, 100DMA Rs.100 and 200DMA Rs.95.
ABGSHIPYARD-382, Stock has made inverse Head & Shoulder formation stock above Rs.390 can target Rs.430-445 as target for the said formation. Stock trades above all major moving averages with 200DMA Rs.372, 100DMA Rs.370 and 20DMA Rs.363. Stock has shown out performance in last 6months where Nifty has corrected 16% this stock has gained 3% with 19% outperformance this stock looks very attractive for long term investor also.
Technical View: Power Stock- NTPC-TATAPOWER-ADANIPOWER-RPOWER
NTPC-TATAPOWER-ADANIPOWER-RPOWER all thermal power producer saw selling pressure with NTPC making 33Months low, TATAPOWER 28Months low and closed below Rs.1000. The Appellate Tribunal for Electricity's (APTEL) verdict on ADANI POWER, imply no hike in Power tariff and cost of higher coal prices added to that non-availability of coal Impacts these stocks, while NHPC, PTC and POWERGRID are safer bets now. NTPC can target Rs.130 & TATAPOWER Rs.830 on downside as per our technical view.
Subscribe to:
Comments (Atom)
