16 June 2014

MARKET RETRACED A FALL TODAY

"Buy SSLT Future Above 292.40 Tgt 294.90/296.80 Sl 289"
"Buy DLF 225 Call @4.30 Tgt 6.50/8.20 Sl 2.25"
NIFTY FUTURE OUTLOOK FOR TUESDAY 17-JUNE-2014
Week begin with falls in the market. On the first day of week the trading was started on a muted note. Sensex & nifty both having intraday fall. Today market was completely bearish sensex was opened at 25,239. In the beginning of trading session it dropped by 42 points at 25,185 levels, and in the noon session it was traded down 155 points at 25,070, today sensex made a high of 25,268 and low of 25063 and closed at 25190. Nifty future was started by 7552 then in morning session it was declined by 18 points at 7524 and in the noon session nifty was traded down 48 points at 7,493 levels. Nifty future made a high of 7577 and low of 7513 and closed at 7552. Total 64 points was played by nifty future today. The Indian rupee was also traded at 59.8 and closed at 60.15 against the US Dollar , the rupee weakened to its lowest level in more than a month. Realty stocks tumbled. Bank stocks dropped. Crude oil prices surged as escalating violence in Iraq threatened supplies from OPEC's second-largest oil producer. Increase in crude oil prices raised concerns of increase in India's current
account deficit and fiscal deficit. India imports majority of its crude oil requirements. The main losers on the Sensex are Axis Bank,L&T, M&M, RIL and Tata Steel. Now for tomorrow we are expecting that nifty will swing between the levels of 7550-7600. On downside, 7500 and 7450 are strong support zones while on upside 7680 and 7700 are strong resistances for nifty. Weekly chart indicator are overbought and suggesting topped out pattern so expect correction ahead and nifty might test support zones. Although market is consolidating for the last few days, investors are hoping a pre Budget rally will pull the mood up. Investors are expecting the level of 7900 till the budget rally. Investors must start to book profits and wait for correction.
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RESISTANCE: 7550, 7570, 7590
SUPPORT:  7530, 7510, 7490


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