TRADING STRATEGY FOR 30TH APRIL 2014
The market opened flat yesterday and soon slipped lower in morning trades on profit taking led by heavy sell off in metal and banking stocks among others ahead of U S Fed meet where it may continue to cut back QE by another USD 10 billion. Further, weaker than normal monsoon also weighed on the market sentiment. The Sensex closed the day at 22466 losing 165 points while the Nifty ended at 6715 down by 46 points after hitting day’s high of 6779. The market breadth remained weak as 1343 shares advanced while 1551 declined. Readers are advised to trade with caution keeping stock specific approach.
NIFTY FUTURE (Last close 6760.20)
The counter after flat opening yesterday soon slipped near day’s low of 6742 on intense selling pressure in front line stocks led by banking and metal among others. The counter however, recovered in afternoon trades but failed to sustain at higher levels and finally closed slipping below its weekly support losing 66 points. The counter may slide further to 6737/6715 on negative opening. Strong resistance for the counter exists at 6779.75 which if crossed decisively with volumes then it may move up to 6801/6824.
The counter after flat opening yesterday soon slipped near day’s low of 6742 on intense selling pressure in front line stocks led by banking and metal among others. The counter however, recovered in afternoon trades but failed to sustain at higher levels and finally closed slipping below its weekly support losing 66 points. The counter may slide further to 6737/6715 on negative opening. Strong resistance for the counter exists at 6779.75 which if crossed decisively with volumes then it may move up to 6801/6824.
BANK NIFTY FUTURE (Last close 13012.35)
The counter after flat opening yesterday slipped to day’s low of 12970 in morning trades on profit taking in front line banking stocks. The counter thereafter moved range bound and finally closed losing over 180 points but managed to close above its weekly support and therefore may recover to 13115/13169 once it trades and remain above 13049.75. Strong support for the counter exists at 12971.25 which if breached decisively with volumes then it may slide to 12913/12865.
The counter after flat opening yesterday slipped to day’s low of 12970 in morning trades on profit taking in front line banking stocks. The counter thereafter moved range bound and finally closed losing over 180 points but managed to close above its weekly support and therefore may recover to 13115/13169 once it trades and remain above 13049.75. Strong support for the counter exists at 12971.25 which if breached decisively with volumes then it may slide to 12913/12865.
TITAN FUTURE (Last close 262.60)
The stock after consolidating during the past sessions closed yesterday above its weekly buy signal with moderate volumes gaining over ½%. The stock appears positive on charts and may move up to 265/268 on volume trading. Strong support for the stock exists at 259.00.
The stock after consolidating during the past sessions closed yesterday above its weekly buy signal with moderate volumes gaining over ½%. The stock appears positive on charts and may move up to 265/268 on volume trading. Strong support for the stock exists at 259.00.
IGL FUTURE (Last close 291.85)
The stock after consolidating during the past sessions closed yesterday above its weekly resistance with moderate volumes gaining over one per-cent. The stock appears positive on charts and may move up to 294/296 on volume trading. Strong support for the stock exists at 290.00.
The stock after consolidating during the past sessions closed yesterday above its weekly resistance with moderate volumes gaining over one per-cent. The stock appears positive on charts and may move up to 294/296 on volume trading. Strong support for the stock exists at 290.00.
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