The Sensex is an “index”. What is an index? An index is basically an indicator. It gives you a general idea about whether most of the stocks have gone up or most of the stocks have gone down.

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Last week we saw NIFTY was in a bullish mode.
Last week NIFTY closed at 3473 and this week at 3620 a huge gain.
FII’s participation was good.
NIFTY TRIN at 1.735
Over all Nifty is Range Bounded.
NIFTY Nature – Between 3400 – 3750.

Waiting till Election results are declared is the best strategy.

Current Spot – 3620.70
Support – 3540 and 3470
Resistance – 3725 and 3805
Reversal from either of these levels would provide the opportunity to initiate fresh short positions. (Resistance)

Nifty scaled the 3600 mark last Monday and went on to close the week above this level. Next medium term target zone for Nifty, if we consider the retracement of the down-move from January 2008 peak, lies between 3800 and 4000. July 2008 trough at 3790 will also be keenly watched as a possible resistance. Close below 3270 is needed to mitigate the positive medium-term view for the index.

Short-term outlook for Nifty is also positive and immediate targets are at 3730 and 3794. Supports for the week would be available at 3560 and 3460. Fresh longs should be avoided on a close below the first support.

Happy Investing!

Last week we saw NIFTY was in a range bounded mode. Volatility was seen. Followed by many holidays n markets.
Last week NIFTY closed at 3480 and this week at 3473 a flat one.
FII’s participation was good. This participation can be reduced due to Swine Flu fear.
NIFTY TRIN at 0.42
Over all Nifty is Range Bounded.
NIFTY Nature – Wait.

Support – 3390 and 3341
Resistance – 3510 and 3585
Reversal from either of these levels would provide the opportunity to initiate fresh short positions. (Resistance)

Nifty closed marginally in the red after a volatile start to the week. The index could move higher to 3487 or 3517 next week. If there is a close above the second target, it would usher in a rally to 3572. Supports for the week would be at 3300 and 3170. Short-term traders can continue to buy in declines as long as the index trades above the first support.

Medium term view for Nifty stays positive and a close below 3170 is required to signal a medium-term trend reversal.

U.S. Markets ended the week on the positive note with the Dow Jones Industrial Average closing at 8076:

Up 1.5% for the day, Down 0.68% for the week, Down 7.98% YTD

The Nasdaq or better known as Technology Index did fairly well in comparison closing at:

Up 2.55% for the day, Up 1.27% for the week, Up 7.44% YTD

The broad S&P500 Index closed at 866:

Up 1.68% for the day, Down 0.39% for the week, Down 4.10% YTD

This upcoming week there a lot of events which will influence the markets:

April 29: Marks the 100th day of President Obama’s Presidency. A report card of sorts will be presented. Where market, american public as well as media from around the world will be scrutinizing the new president’s policies and performance.

April 29: The GDP number or the rate of growth of american economy will be released on Wednesday.

April 29: The FED will give its Interest Rate decision

April 30: Personal Income and Spending information for the consumer for the month of April.

May 1: U.S. Auto makers report car sales for the month of April.

May 4: The Treasury Bank Stress Report is released.

There is far too much hype around this piece of information. It is not that a lot will be known at the end of day about the true health of each of the banks and it is well known that nearly all banks will get a clean report. But Wall Street has raised its expectations and there is much expectation which may lead to uncertainty and volatility in the market for this week. Banking stocks will be under the scanner and one can expect wild swings in the share prices.

How all this affects Indian Markets?

This is a short spread trading week with only 3 active trading days. There is expiry on wednesday the 29th which will be our last day of the week. Thursday and Friday markets will be closed. Elections results and speculations of who will form the next government will lead the market sentiment next week.

Over all I will be cautious in my moves this week.

-Tushar

stockezy.com

Last week we saw NIFTY was in a bullish mode. A good uptrend was seen. Followed by strong global cues.
Last week NIFTY closed at 3211.05 and this week at 3342.05 an increase of 130 points odd. A good one.
The week was followed with good global cues and also good local cues.
NIFTY TRIN at 0.566
Over all Nifty is Bullish.
NIFTY Nature – Heavily Over Bought

Support – 3150 and 3100
Resistance – 3425 and 3510
Reversal from either of these levels would provide the opportunity to initiate fresh short positions. (Resistance)

Nifty recorded the intra-week peak at 3401 and ended with a 131 points gain. The doji formation in the daily chart and the halt below the 200-day moving average at 3441 implies indecision in the short-term. A short-term correction can pull the index down to 3234 or 3131. Fresh longs should be avoided on a decline below the first support. Medium-term view will, however, turn negative only on a close below 3000.

Immediate targets for the current rally are 3326 and 3450. If there is a vertical break-out above 3450, next target would be 3911. However, targets for the B wave of the long-term down-move from the 6357 peak are 3680 and 4050. These could be the ceiling for the index for this calendar.

NIFTY Auto generated EOD Technicals.

Chart -

EOD chart has formed “Bullish Engulf Pattern” with “Hanging Man Pattern” on Friday. We are stick to same view as we advocated last week, Nifty is bullish above 2869 level on closing basis. Currently Nifty is well above its 13 EMA(2816) and 34 EMA(2867) which suggest there is some amount of Bull steam is left for near term although that doesn’t mean that market is bullish , for intermediate term outlook is still bearish unless and until if closes above 3147. Currently trend line support exist at 2800. Daily RSI and MACD is exhibiting positive divergence where as Stochastic is in over bought region.

Support:- 2841/2827/2815

Resistance:- 2929 /2953

By Dhawal Joshi

NIFTY has a support at 2790 and 2710 and a resistace at 2950 and 3025
Sensex has a support at 9100 and 8910 and resistance at 9540 and 9740

Do you know Zimbabwe rolls out 100 trillion Z$ notes !

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