Bulls Taken Rest and Stock Market Tips

Information about Bulls Taken Rest and Stock Market Tips

Published on April 29, 2014

Author: speak2earth

Source: authorstream.com

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PowerPoint Presentation: Bulls Taken Rest and Stock Market Tips Indian Stock Market fell on Monday for a second consecutive session, moving back from record highs hit in the preceding session, while blue chips such as Larsen & Toubro chop down on profit-taking while variable global shares also weighed. The Bombay Stock Exchange Sensex closes at 22632 were down by 57 points or fell by 0.25 percent BSE Midcap index up 0.88 percent while BSE Small cap rose 0.26 percent in trade today. Sensex Major Resistance on Upside at 22740-22847-22954 Sensex Major Support on Downside at 22563-22493-22386 Trend Deciding Level at 22670 Nifty Index Major Resistance on Upside at 6861-6959-7057 Nifty Index Major Support on Downside at 6708-6653-6555 Trend Deciding Level at 6806 Major Headlines Godrej Consumer Q4 consolidated net profit at Rs236 cr Shree Cements falls as Q3 net profit down 19% (YoY) Siemens Q2 Net Profit at Rs 88.3 cr Vs Rs 29.9 cr (YoY) IDFC Q4 net profit at Rs 258 cr Vs Rs 526 cr (YoY) JSPL arm commissions 2 mtpa integrated steel plant in Oman Mastek US arm wins 2 orders in North America Sadbhav Engg starts toll collection at Harakhed, Omerga & Warud check posts Results on Tuesday were Sesa Sterlite, Shriram Transport, ING Vysya Bank, IFCI, Dabur India, Federal Bank, lOB, Bharti Airtel, Jindal Steel Nifty Indices Nifty ended the day in negative territory after the formation of two weekly bearish reversal candlestick patterns. This indicates that bulls are taking a breather again and Nifty is back to moving in a range. The new range for Nifty is 6665-6870 levels, which is derived from the following observations. One, wave 5 up is still extending and the current sideways movement is in its wave ii down. So till the low of 6665 is not broken the short-term bias shall remain up. Two, the Nifty has completed its wave 5 up and will bounce back in its wave B up of the recent correction. One more thing that we have observed is that on both the daily and the hourly chart the Nifty is raising in an upward sloping parallel channel. Till the channel holds the overall bias shall remain up. Bank Nifty, however, managed to close in green which is quite bullish for the long traders in the short term. But the index has also reached the upper end of the triangular pattern; it needs to surpass the same in order to gain momentum. The daily Know Sure Thing ( KST ) has just come into buy mode which is an added advantage for bulls. The daily KST of the Nifty is still struggling as it remains in sell mode, though the prices are making new highs. This negative divergence is a worrisome factor for the bulls because this clearly depicts that the momentum is slackening as Nifty is inching upwards. This might lead to a sudden trend reversal. However, in technical research more weight age is given to prices. So till the prices PowerPoint Presentation: don’t reverse the trend shall remain up. This might also turn out to be a case for a reverse divergence wherein the prices shall move up slowly and the momentum shall return to buy mode slowly, generating strength in the ongoing trend. Hence, we maintain our bias up till the swing’s low of 6665 holds or something more reliable forms In the daily chart the index is trading above the Twenty-Daily moving averages (DMA) and the Forty-DMA, ie 6740 and 6600 correspondingly. The momentum pointer is trading in negative mode with negative deviation. In the hourly chart, the Nse Nifty is trading above the Twenty-hourly moving average (HMA) and the Forty-HMA, ie 6789 and 6804 correspondingly, which are vital intra-day levels. The hourly impetus indicator encompass turned negative. The market duration was turned positive mode today with 740 advances and 736 declines on the National Stock Exchange. Nifty Future Major Resistance on Upside at 6847-6870-6892 Nifty Future Major Support on Downside is at 6799-6774-6751 Trend Deciding Level at 6822 Bank Nifty Major Resistance on Upside at 13293-13369-13344 Bank Nifty Major Support on Downside at 13078-12939-12863 Trend Deciding Level is at 13154 5 Daily Moving Average @ 6807 50 Daily Moving Average @ 6481 200 Daily Moving Average 6114 5 Days Relative Strength Index @ 45 and 14 Days Relative Strength Index 59 INDICATES NIFTY PLACED IN TRADING ZONE, WITH BEARISH MOMENT. Stock Market Tips Buy Nifty Fut May Intraday above 6845 sl 6820 Tgt 6860-6885 {Or} Sell Below 6800 sl 6825 Tgt 66780-6755 Buy Bank Nifty May Intraday above 13275 sl 13225 Tgt 13325-13375 {Or} Sell below 13175 sl 13225 Tgt 13125-13075 Curious Fact In the Assembly elections held in November-December 2013, when Nota were introduced, it made an immediate impact. More than 15 lakh disgruntled voters exercised the option in the four states that went to the polls—49,730 in Delhi, around 3.56 lakh in Chhattisgarh, 5.9 lakh in Madhya Pradesh and 5.67 lakh in Rajasthan.

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