Technical View on Nifty and Sensex for 19th July ‘10
Technical View on Nifty (19th July ‘10)
Nifty is getting a strong support close to the levels of 5355 to 5370. Today overall, it was in the range bound movement in the market with high volatility. Nifty is still holding its up trend & may continue it. In the upside the next resistance seems to be around the levels of 5445 to 5455. Closing above this resistance may take up it till the higher level of 5500 in near term. We had already mentioned in our previous report that traders may go for long in nifty future with the Stop Loss around 5345 for the targets of 5450,5500. So for Monday session traders should focus on buy on dips in nifty future.
Technical View on Sensex (19th July ‘10)
Sensex is making a slight bearish pattern on long time frame charts. In the upcoming trading sessions one may expect the range bound movement to continue with negative biasness. But if it do not break the support zone of 17300 to 17400 in few trading sessions & hold it these levels then it may make some upside moves. Sensex may face the next resistance close to the higher levels of 18100 to 18150. Closing above this resistance zone may further confirm more hike in it & may take it up till the higher levels of 18300 to 18350 in near term.
Nifty and Sensex for 16th July '10
Technical View on Nifty(16th July '10)
Nifty witnessed an overall volatile session after the flat opening in the morning. Overall it is holding the higher levels & maintaining the short term support of 5350 to 5355. Closing below this support zone may drag it till the lower levels of 5290 to 5300 in near term. We still recommended that traders may go for long in nifty future with the Stop Loss around 5345 for the targets of 5450, 5500 in near term.
Technical View on Sensex(16th July '10)
Sensex is consolidating close to the higher levels of 17900 to 18000. In the downside the next crucial short term support seems to be around the levels of 17300 to 17400. Closing above this support zone may drag it till the lower levels of 16900 to 17000 in near term. One may expect the upside consolidation to continue in the market for a while.
Technical View on Auto Sector Stocks (16th July ‘10)
Technical View on AMARA RAJA BATTERIES
Although the long term trend for the stock is bullish, but for short term its looking weak, it faces support at 191.5 and resistance at 198.30.
Technical View on TATA MOTORS
The stock faces resistance at 824, crossing of this level may take up the stock while it faces support at 785, crossing of this level may take down the stock.
Technical View on HERO HONDA
One can continue to go for sell on higher levels until it closes above 2025 its next support is at 1963. in downside the stock may slip till the levels of 1900.
Technical View on MAHINDRA & MAHINDRA
The stock has crossed our previously said support level, in downside it may slip till the levels of 598-595, with immediate support at 609.5 while resistance at 640.
Technical View on AMTEK AUTO
As mentioned, it is in bullish phase, one can go for buying on dips with strict sl at 169.
Nifty, Bank Nifty and Sensex for 15th July
Technical view on Nifty (15th July '10)
Nifty witnessed a correction from the higher levels & in the end closed in the red. The next downside support for it seems to be around the levels of 5340 to 5350. Closing below this support zone may drag it till the lower levels of 5290 to 5300 in short run. We recommend that traders should go for sell in nifty future below 5350 for the Target of 5300 for intraday trading.
Technical view on Sensex (15th July '10)
Sensex today witnessed a correction from higher levels, as in the last prediction we mentioned in our previous report that it is making double top pattern on long time frame chart, & might witness some correction till the lower levels of 17300 to 17400. Closing below this support zone may drag it till the lower levels of 16900 to 17000.
Technical View on Bank Nifty Future (15th July '10)
Bank Nifty Future is in the key juncture and the next crucial resistance zone seems to be around the higher levels of 10025 to 10050. Closing above this resistance zone may take up it till the higher levels of 10300 to 10350 in quick time. So one may initiate long position in it above 10050 with the Stop Loss around 9990.
Nifty Tips for next Week
Nifty Future in this week witnessed huge correction from the higher levels and lost almost 270 points in this week. The key thing is that it had reversed it’s trend. Due to the weak global cues the medium uptrend has come to an end. The last trading day of this week was highly volatile and uncertain due to the verdict of supreme court on RIL-RNRL gas dispute case. In this week we are expecting that the Nifty future could continue the selling pressure and we might see some more selling in it. Technical indicators like RSI and MACD both are indicating weak signals in charts.
Key supports & resistances for this week
Resistances:
In the upside 5105 & 5200 are the two key resistances for this week.
Support:
In the downside 4950 & 4820 are two good support levels.
Strategy for traders:
Nifty future is in the down trend and looking to continue this trend for a while. Sell on rise would be good strategy in it. We recommend that traders could initiate the shorts in Nifty future below 4950 for the Targets of 4825 to 4830 with the Intraday Stop Loss of 5005. Those traders who already shorts in it could hold it with the Stop Loss of 5105.
Stock Tips for the Week
Educomp Solutions
It made the upward trend line breakout and also trading very close to horizontal trend line breakout. As per candlestick charts pattern stock future is looking weak and might witness the huge correction from the current levels. We recommend short position in it for the targets of of 600 & 575. In the upside the resistance seems to be at the levels of 665 to 670 zone.
Commodity Tips for the Week
Gold:
Gold rallied on Friday to near a record high, posting its biggest three-week gain since November as investors cut exposure to risks stemming from Greece’s debt crisis and tumbling global stock markets. Gold futures rallied in afternoon trade to the firmest since December 4th as volatile equities and currencies prompted nervous anxious investors to buy gold. Investors piled into gold exchange traded funds and coins and bars, with bullion holdings in the biggest gold-backed ETF rising 20 tonnes on Thursday, the biggest one-day gain since February 2009.
Market Overview
COMEX gold is strong on charts and sustain above 1200 $ an ounce. Last week COMEX gold sustained above 1180$ an ounce, in the coming week 1226$ /1230$ an ounce will be a major resistance in gold. If COMEX gold breaks and sustains above 1230$ an ounce then it can move slightly upward and could come near 1240 $/ 1250$ an ounce. And below 1180$ an ounce can move slightly downward.
Strategy
For the next week traders can use the buy on lower level strategy if COMEX gold sustains above 1174 $ /1180$ an ounce by keeping the strict stop losses.
Major support for COMEX gold in the coming week would be 1175$ and 1150$
Major resistance for COMEX gold in the coming week would be 1230$ and 1250$
Major support in MCX gold is 17540 and 17100
Major resistance in MCX gold is 18180 and 18400
Copper:
U.S. copper futures ended up in extremely volatile business on Friday, as buyers moved in near the 300 level, a key technical area that will remain a challenge as European debt contagion fears linger.
Market Overview
As we mentioned last week COMEX copper below 300 did a low of 300.55, for the upcoming week 290 $/285 level can act as a good support for COMEX copper, if it breaks this level and sustains below it we can see 270 level.
Strategy
Copper is still bearish and for the next week one should use the strategy of sell on higher levels.
For the next week COMEX copper has important support of 300 and 285 and resistance of 341 and 356.
MCX copper has support at 291 and 282 and resistance at 334 and 350.
Commodity Tips for the Week
GOLD:
U.S. GOLD FUTURES ENDED 2 PERCENT LOWER ON FRIDAY, HITTING A 10-DAY LOW AS INVESTORS RUSHED TO TAKE PROFITS AFTER GOLDMAN SACHS, A MAJOR COMMODITIES PLAYER, WAS CHARGED WITH FRAUD BY REGULATORS. LAST WEEK COMEX GOLD BROKE THE LEVEL OF 1140$ AND SUSTAINED BELOW IT. IN THE COMING WEEK 1171/1180 $ AN OUNCE WILL ACT AS STRONG RESISTANCE. IF COMEX GOLD SUSTAINS BELOW 1120$ AN OUNCE THEN IT CAN MAKE A DOWNWARD RALLY BELOW IT.
STRATEGY
FOR THE NEXT WEEK TRADERS CAN USE THE SELL ON HIGHER LEVEL STRATEGY IF IT SUSTAINS BELOW $1150/ 1162 AN OUNCE BY KEEPING THE STRICT STOP LOSSES.
MAJOR SUPPORT FOR COMEX GOLD IN THE COMING WEEK WOULD BE 1105$ AND $1084
MAJOR RESISTANCE FOR COMEX GOLD IN THE COMING WEEK WOULD BE $1180 AND $1226
MAJOR SUPPORT IN MCX GOLD IS 16400 AND 15800
MAJOR RESISTANCE IN MCX GOLD IS 17130 AND 17650.
COPPER:
U.S. COPPER FUTURES FINISHED AT A THREE-WEEK LOW ON FRIDAY, AS RISK SENTIMENT CRUMBLED AND SAFE-HAVEN DOLLAR INVESTMENTS GREW AFTER THE U.S. SECURITIES AND EXCHANGE COMMISSION CHARGED GOLDMAN SACHS GROUP WITH FRAUD.
COMEX COPPER REMAINED WEEK THROUGH OUT THE PREVIOUS WEEK AND IT HAS FAILED TO CLOSE ABOVE THE ALL IMPORTANT LEVEL OF 359. MCX COPPER TOO DID NOT CROSS THE IMPORTANT RESISTANCE OF 358. FOR THE COMING WEEK UNTIL COMEX COPPER SUSTAIN ABOVE 359 LEVEL, ONE SHOULD USE THE STRATEGY OF SELL ON HIGHER LEVELS. IF COMEX COPPER SUSTAINS BELOW 350 WE CAN SEE IT AT 340 LEVELS. FOR THE NEXT WEEK COMEX COPPER HAS IMPORTANT SUPPORT OF 350 AND 328 AND RESISTANCE OF 359 AND 378. MCX COPPER HAS SUPPORT AT 332 AND 314 AND RESISTANCE AT 359 AND 371.
U.S. GOLD FUTURES ENDED 2 PERCENT LOWER ON FRIDAY, HITTING A 10-DAY LOW AS INVESTORS RUSHED TO TAKE PROFITS AFTER GOLDMAN SACHS, A MAJOR COMMODITIES PLAYER, WAS CHARGED WITH FRAUD BY REGULATORS. LAST WEEK COMEX GOLD BROKE THE LEVEL OF 1140$ AND SUSTAINED BELOW IT. IN THE COMING WEEK 1171/1180 $ AN OUNCE WILL ACT AS STRONG RESISTANCE. IF COMEX GOLD SUSTAINS BELOW 1120$ AN OUNCE THEN IT CAN MAKE A DOWNWARD RALLY BELOW IT.
STRATEGY
FOR THE NEXT WEEK TRADERS CAN USE THE SELL ON HIGHER LEVEL STRATEGY IF IT SUSTAINS BELOW $1150/ 1162 AN OUNCE BY KEEPING THE STRICT STOP LOSSES.
MAJOR SUPPORT FOR COMEX GOLD IN THE COMING WEEK WOULD BE 1105$ AND $1084
MAJOR RESISTANCE FOR COMEX GOLD IN THE COMING WEEK WOULD BE $1180 AND $1226
MAJOR SUPPORT IN MCX GOLD IS 16400 AND 15800
MAJOR RESISTANCE IN MCX GOLD IS 17130 AND 17650.
COPPER:
U.S. COPPER FUTURES FINISHED AT A THREE-WEEK LOW ON FRIDAY, AS RISK SENTIMENT CRUMBLED AND SAFE-HAVEN DOLLAR INVESTMENTS GREW AFTER THE U.S. SECURITIES AND EXCHANGE COMMISSION CHARGED GOLDMAN SACHS GROUP WITH FRAUD.
COMEX COPPER REMAINED WEEK THROUGH OUT THE PREVIOUS WEEK AND IT HAS FAILED TO CLOSE ABOVE THE ALL IMPORTANT LEVEL OF 359. MCX COPPER TOO DID NOT CROSS THE IMPORTANT RESISTANCE OF 358. FOR THE COMING WEEK UNTIL COMEX COPPER SUSTAIN ABOVE 359 LEVEL, ONE SHOULD USE THE STRATEGY OF SELL ON HIGHER LEVELS. IF COMEX COPPER SUSTAINS BELOW 350 WE CAN SEE IT AT 340 LEVELS. FOR THE NEXT WEEK COMEX COPPER HAS IMPORTANT SUPPORT OF 350 AND 328 AND RESISTANCE OF 359 AND 378. MCX COPPER HAS SUPPORT AT 332 AND 314 AND RESISTANCE AT 359 AND 371.
Stock Tips for the Week
Nifty Started the week with negative tone after reaching to financial year 09-10 record high of 5399.65 in the previous week. Nifty lost its upside momentum in the very first trading session and continued for entire week just ahead of RBI credit policy review due on Tuesday next week. Profit booking led the nifty retrace to low of 5237.55. Nifty is currently moving in the range of 130 points from 5230 to 5360 on account of low implied volatility. Technical indicators like RSI and stochastic oscillator are currently on the verge of entering into oversold zone and moving in medium negative territory. MACD has also shown negative divergence indicating correction in near term. Nifty is currently moving in rectangle and likely to break it on the lower side. Any decisive break on the lower front of the rectangle could take the nifty to 5150-5100 level. Expecting nifty to remain range bound in between 5150- 5325 in next week. Next week market movement will solely depend on RBI move. Any hike in key rates would led nifty to 5100-5000 levels, however probability of this seems very low as inflation figure is still in single digit which is temporal sign of relief for RBI. On the day of RBI policy review we could see high volatility in nifty. If the key rates remain unchanged we could see bounce back in nifty up to 5350 levels. Nifty has intermediate term support at 5150 and resistance at 5325. Nifty is currently trading below 5 and 13 day EMA which indicates weakness of the uptrend.
And now some stocks which trader must keep watch for next week are:
Oriental bank of commerce
CMP 326.65
Target 310
Stop loss 336
Support resistance 310/340
Sesa Goa
CMP 471.55
Target 482-489
Stop loss 454
Support resistance 455 / 495
TATA STEEL
CMP 695.70
Target 710-725
Stop loss 670
Support resistance 670 / 735
Commodity Tips for the Week
GOLD:
US GOLD ROSE AS MUCH AS TO $1,120/OZ ON COMEX, HELPED BY A DROP IN THE DOLLAR ON WORSE-THAN EXPECTED US ADP EMPLOYMENT DATA. GOLD FUTURES ROSE FOR A FOURTH DAY IN THE LAST FIVE TRADING DAYS. THE DOLLAR FELL 0.5 PERCENT AGAINST A BASKET OF SIX MAJOR CURRENCIES AFTER ADP EMPLOYMENT REPORTS SHOWED THAT US PRIVATE SECTOR EMPLOYERS CUT 23,000 JOBS IN MARCH.
TECHNICALS
COMEX GOLD IS STILL WEEK ON CHARTS, BUT LAST WEEK IT HAS CONTINOUSLY SUSTAINED ABOVE $1100. FOR THE UPCOMING WEEK IF COMEX GOLD SUSTAINS BELOW $1084 AN OUNCE THEN IT CAN TEST THE LEVEL OF $1062 AND ON THE UPSIDE $1146 WILL BE A MAJOR RESISTANCE. UNTIL IT CROSSES AND SUSTAIN ABOVE $1146, WE CAN SEE ANOTHER DIP IN GOLD. IN THE COMING WEEK TRADERS CAN USE THE SELL ON HIGHER LEVEL STRATEGY BY KEEPING THE STRICT STOP LOSSES IN GOLD.
MAJOR RESISTANCE IN COMEX GOLD IS $1146 AND $1175 AND SUPPORTS AT $1084 AND $1050. MAJOR RESISTANCE IN MCX GOLD IS 16900 AND 17650 AND SUPPORTS AT 16250 AND 15710.
COPPER:
COPPER STARTED THE NEW QUARTER ON SOLID FOOTING, RALLYING TO A 20-MONTH PEAK ABOVE $358 IN COMEX FUTURES ON THURSDAY AFTER POSITIVE MANUFACTURING DATA FROM CHINA, EUROPE AND THE U.S. BOLSTERED DEMAND SENTIMENT. COMEX COPPER HAS BEEN IN AN UPTREND FOR THE ENTIRE PREVIOUS WEEK. AND HAS CROSSED THE ALL IMPORTANT RESISTANCE OF 359. FOR THE COMING WEEK TRADERS SHOULD USE THE STRATEGY OF BUYING ON LOWER LEVELS IF IT SUSTAINS ABOVE THE LEVEL OF 359. COMEX COPPER HAS CRUCIAL SUPPORT OF 341 AND 327 AND RESISTANCE OF 378 AND 390. FOR MCX COPPER SUPPORT IS FOUND AT 348 AND 332 AND RESISTANCE AT 370 AND 387.
US GOLD ROSE AS MUCH AS TO $1,120/OZ ON COMEX, HELPED BY A DROP IN THE DOLLAR ON WORSE-THAN EXPECTED US ADP EMPLOYMENT DATA. GOLD FUTURES ROSE FOR A FOURTH DAY IN THE LAST FIVE TRADING DAYS. THE DOLLAR FELL 0.5 PERCENT AGAINST A BASKET OF SIX MAJOR CURRENCIES AFTER ADP EMPLOYMENT REPORTS SHOWED THAT US PRIVATE SECTOR EMPLOYERS CUT 23,000 JOBS IN MARCH.
TECHNICALS
COMEX GOLD IS STILL WEEK ON CHARTS, BUT LAST WEEK IT HAS CONTINOUSLY SUSTAINED ABOVE $1100. FOR THE UPCOMING WEEK IF COMEX GOLD SUSTAINS BELOW $1084 AN OUNCE THEN IT CAN TEST THE LEVEL OF $1062 AND ON THE UPSIDE $1146 WILL BE A MAJOR RESISTANCE. UNTIL IT CROSSES AND SUSTAIN ABOVE $1146, WE CAN SEE ANOTHER DIP IN GOLD. IN THE COMING WEEK TRADERS CAN USE THE SELL ON HIGHER LEVEL STRATEGY BY KEEPING THE STRICT STOP LOSSES IN GOLD.
MAJOR RESISTANCE IN COMEX GOLD IS $1146 AND $1175 AND SUPPORTS AT $1084 AND $1050. MAJOR RESISTANCE IN MCX GOLD IS 16900 AND 17650 AND SUPPORTS AT 16250 AND 15710.
COPPER:
COPPER STARTED THE NEW QUARTER ON SOLID FOOTING, RALLYING TO A 20-MONTH PEAK ABOVE $358 IN COMEX FUTURES ON THURSDAY AFTER POSITIVE MANUFACTURING DATA FROM CHINA, EUROPE AND THE U.S. BOLSTERED DEMAND SENTIMENT. COMEX COPPER HAS BEEN IN AN UPTREND FOR THE ENTIRE PREVIOUS WEEK. AND HAS CROSSED THE ALL IMPORTANT RESISTANCE OF 359. FOR THE COMING WEEK TRADERS SHOULD USE THE STRATEGY OF BUYING ON LOWER LEVELS IF IT SUSTAINS ABOVE THE LEVEL OF 359. COMEX COPPER HAS CRUCIAL SUPPORT OF 341 AND 327 AND RESISTANCE OF 378 AND 390. FOR MCX COPPER SUPPORT IS FOUND AT 348 AND 332 AND RESISTANCE AT 370 AND 387.
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