MARKET OUTLOOK ON 24th 2013

Nifty could test its major support around 5,920.
Indian benchmark indices tanked today following a sharp fall in its global counterparts. While Japan's Nikkei ended down 7 percent, other Asian stocks also suffered after HSBC's latest China's flash PMI slipped below the boomand-bust level of 50 for the first time in seven months. Nifty witnessed a high volatility this week. It initially moved higher, even above the 6,220 level but could not sustain it and moved lower to test 6,000 levels after breaching 
6,050 level and ended the day well below the crucial 6,000 mark. From here, it seems that the bulls may not be able to push the prices higher as the range of 6,000-6,040, is a strong resistance for Nifty from where bears can take control from them once it comes near to said level. Technically also the trend, which is now down, could test 
its next major resistances around 6,000 and if Nifty crosses this level, it can go further up, to test 6,040 levels, a chance of which seems very low. On the downside, the levels of 5,920 will play major supports and any decisive fall below that could drag Nifty to its next strong support of 5,900. Nifty is currently trading below 8 and 34 Day EWMA indicating downward movement as technical momentum indicator Stochastic is currently moving in 
oversold zone at 21 showing negative crossover indicating correction. RSI is currently trading in neutral territory at 60 levels on the brink of entering into neutral zone indicating further downside. MACD is also trading in negative zone showing negative divergence also suggesting downtrend.

NEWS TO WATCH:

1. SBI Q4 PAT at Rs 3299 cr., first decline in 2 yrs.
2. JSW Steel Q4 net profit down 61.56%
3. Wockhardt tanks 20% on USFDA import alert
4. CP rentals up by 12%: Cushman & Wakefield.

SHORT TERM OUTLOOK ON STOCKS:

Stocks with short term Bullish Outlook:

SUNPHARMA :S1- 985.17 S2- 964.33 R1- 1021.67 R2- 1037.33
BHEL :S1- 892.27 S2- 881.38 R1- 913.92 R1- 924.68

Stocks with short term Bearish Outlook:

RELIANCE INFRA :S1- 352.63 S2- 338.67 R1- 392.93 R2- 419.27
RANBAXY LABS :S1- 377.87 S2- 361.43 R1- 417.57 R2- 440.83

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MARKET OUTLOOK ON 22nd 2013

Uptrend is expected

Continuing with the falling trend over the last two days, Nifty belled the week on a negative note as sell off was witnessed on the very first day of the week, breaking the support level of 6,120. We saw market rebounding after taking support at 6,100 levels to break the important support levels of 6,120 and closed above that level. From here, given the volatility over the past few sessions and global cues playing a major role,
uptrend is expected to continue and volatility may be the order of the day for some more time so, the investors are suggested to trade cautiously. Technically, the trend, which is now up, could test its next major resistances around 6,180-6,200 and if Nifty crosses this level, it can go further up to test 6,300 level. On the downside, the levels of 6,100 will play major supports and a fall below these levels can drag Nifty to 6,040 levels. Correction could be seen in Auto, Banking 
and Reality stocks while buying might witnessed in IT and Commodity stocks.

News To Watch:

1. Coal India shares jump as Q4 profit soars 90 %
2. Nikkei turns up, hits 5-1/2-yr high as retail investors pick up bargains
3. 48 Pvt. Cos. likely to sell shares worth $1.8 bn by June
4. CP rentals up by 12%: Cushman & Wakefield

Stocks with short term Bullish Outlook:

Coal India :S1- 304.68 S2- 301.87 R1- 309.63 R2- 311.77
BHEL :S1- 202.03 S2- 198.07 R1- 208.93 R2- 211.87

Stocks with short term Bearish Outlook:

NTPC : S1- 149.28 S2- 146.27 R1- 157.43 R2- 162.57
Ultratech Cement: S1- 1886.9 S2- 1844.65 R1- 1998.15 R2- 2067.15

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