May 23, 2016
TEHNICAL & DERIVATIVE REPORT May 23, 2016
SENSEX (25399.72 ) /NIFTY (7749.7) “Nifty may open in RED indicating domestic market cues” Indian benchmark indices are likely to open in RED with the market indicator SGX nifty trading -18.50 points at 7,762.00 at the time of market closed. Asian market trading red but America market ,Europe market trading green.
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KEY VALUE SUPPORT 1- 7735
RESISTANCE1- 7772
SUPPORT 2- 7700
RESISTANCE 2- 7816
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OBSERVATION Nifty closed at 7749.7 with a LOSS of (-33.7) points. On the daily chart the index has formed BEARISH candle indicating negative bias.The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 7772 level it would witness buying which would lead the index towards 7800-7840 levels.However if index breaks below 7735 level it would witness selling which would take the index towards 7700-7658 Nifty continues to remain in an uptrend in the short to medium term, so buying on dips continues to be our preferred strategy. The daily strength indicator RSI is moving downwards and above its reference line indicating pnegative bias. However momentum oscillator Stochastic has turned negative from the overbought zone indicating a possible consolidation or a down move in the near term The trend deciding level for the day is 7772 . If NIFTY trades above this level then we may witness a further rally up to 7800-7835 levels. However, if NIFTY trades below 7770 levels then we may see some loss booking initiating in the market, which may correct up to 7 level.7685-7640. STRATEGY :NIFTY is looking BEARISH on a chart for next day. One can go for buy on lower level strategy for this index for intraday to midterm positions.
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TEHNICAL & DERIVATIVE REPO May 23, 2016
NIFTY BANK OUTLOOK- (16481.45) On Friday session, the index had given a flat opening followed up with positive momentum throughout the session. The “DOEN TREND� pattern formed during the previous week on weekly charts has been negated as the index has managed to cross the high on Thursday, thus indicating bulls taking control back in their favor. If the index manages to continue its momentum, then it could rally up to 16600-17100 range which is 127% reciprocal retracement of the previous corrective move from 16400 to 16285. Traders are hence advised to continue to trade in the direction of the trend and follow strict risk management strategy on their trading positions. Intraday support for Nifty Bank is placed around 16552 and 16785 whereas resistance are seen around 16285and
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KEY VALUE Support 1- 16400
Resistance1- 16585
Support 2- 16285
Resistance 2- 16752
MARKET INDICATORS
ASIA MARKET:Index
Last Traded
Change
Straits Times
2,763.82
+23.71
Hang Seng
19,852.20
-157.87
+0.80%
SSE Composite Index (Shanghai)
2,825.48
+18.57
+0.66%
Nikkei 225
16,736.35
+89.69
+0.54%
+0.87%
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AMERICA :-
Index
Last Traded
Change
Dow JONES
17,500.94
S&P500
2,052.32
+12.28
Nasdaq
4,769.56
+57.03
+65.54
+0.38% +0.60% +1.21%
EUROPE :Index
DAX
FTSE 100
Change
Last Traded 9,916.02
6,1156.32
+120.13
+102.97
CAC 40
4,353.90
+71.36
BEL-20
3,354.00
0.00
+1.23%
+1.70% +1.67%
0.00%
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TOP GAINERS
ADANI PORTS & SPECI
+3.73%
ITC LTD.
+1.69%
IDEA CELLULAR LTD.
+1.49%
TATA POWER CO.
+1.46%
ONGC
+1.45%
TOP LOSERS
LUPIN LTD.
-9.10%
ICICI BANK
-2.42%
BHARAT PETROLEUM
-2.41%
AMBUJA CEMENT LTD.
-2.25%
BHARTI INFRATEL LTD.
-1.81%
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TEHNICAL & DERIVATIVE REPORT May 23, 2016
ITC LTD. “ ITC Q4 net seen up 7%, cigarette volume may decline 1-6%”
KEY VALUE
Support 1- 325
Resistance1- 335
Support 2- 320
Resistance 2- 340
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TEHNICAL & DERIVATIVE REPORT May 23, 2016
BRITANNIA
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“ Britannia Q4 net seen up 30%; volume, price hike may aid revenue”
KEY VALUES
SUPPORT 1- 2920
RESISTANCE 1 -2940
SUPPORT 2- 2840
RESISTANCE 2- 2968
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TEHNICAL & DERIVATIVE REPORT May 23, 2016
DISCLAIMER The information contained here was gathered from sources deemed reliable however; no claim is made as to accuracy or content. This does not contain specific recommendations to buy or sell at particular prices or time, nor should any examples presented be deemed as such. There is a risk of loss in equity trading and you should carefully consider your financial position before making a trade. This is not, nor is it intended, to be a complete study of chart patterns or technical analysis and should not be deemed as such. SAI PROFICIENT INVESTMENT ADVISORS does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgments at this date and are subject to change without notice. For use at the sole discretion of the investor without any liability on Sai Proficient Investment Advisors.
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