Nifty setup: Do or die week for bulls
Over the last six months, Indian markets have looked extremely bullish in the medium to long term.
However, the acid test for that hypothesis has now come. This week could be historical as the battle enters its final leg.
The fact that bears held on over the last eight weeks is something worth noting and I am open to revisiting my alternates if bulls fail to take control this week.
The first two days remains data heavy and volatility could rule for a couple of days.Global setups remain on tenterhooks. 5,135-5,150 remain immediate support levels on the Nifty index though medium term pattern supports are pegged at 5,070 and should be the crucial pivot point going forward.
A failure to register a positive close by the end this week could be detrimental to the medium term setups as well. So get ready for a historical week of trading.
Fall on the open market, Nifty below 5200
Fall on the open market, Nifty below 5200
Because of the decline in international markets, beginning with weakness of the domestic markets. Sensex down 46 points, 17 048 and the Nifty fell 17 points to 5191 are open.
Oil and gas shares fall 0.5 per cent. Auto, Metal, IT, technical, 0.4 to 0.2 per cent share of power are weak. FMCG, consumer durables, healthcare and government are stocks also slipped.
Wipro, GAIL, Reliance Industries, Jindal Steel, NTPC, Hero Motokorp, TCS, Sun Pharma, Coal India, Tata Steel, Tata Motors, BHEL, Cipla, Bharti Airtel, Sterlite Industries, Hindalco, HDFC Bank from 1.5 to 0.5 per cent each.
Realty stocks nearly 1 per cent and 0.5 per cent in bank stocks looks. SBI, DLF, Infosys 1.5 to 0.3 per cent are strong. L & T is in the green.
On Friday, Spain's debt crisis, concerns over rising from 1.25 to 1.5 per cent decline in U.S. markets Spain, the yield on the bonds reached record heights. In March the European Central Bank of Spain has taken a loan of 316.3 billion euros.
Weakness in Asian markets are trading at. Nikkei, Cospi, Hang Sang, Taiwan index is 1.5 to 0.75 per cent. Shanghai Composite, Straits Times, Singapore Nifty and are in red.
STOCK MARKET REVIEW: 13TH APRIL 2012
BSE Small-Cap index was down by 0.63% while the BSE Mid-Cap index finished 0.72% down.CNX MIDCAP 50 index was down 1.02% and S&P CNX 500 was down around 1.27%. The SENSEX closed 238 points down at 17,094 and the NIFTY stood at 5207, down by 69 points.BSE SENSEX and NIFTY traded through a volatile session, initially tried to hold the gains but later it was hurted by IT giant INFOSYS as it announced poor quarterly numbers taking down the markets 1.37 percent and 1.32 percent respectively. Moreover Euro Zone worries and expectations of increased numbers of India’s trade deficit in FY12 added fuel to the fire. Infosys tanked down by 12.60% while TCS and Wipro tanked 5.5% and 4% respectively. Banking, metals, FMCG, stocks also played key role to drag the markets down while Auto sector tried to support the gains auto major HEROMOTOCO, MARUTI, and TATAMOTOR rose by 0.8%-1.5%.
Nifty Gainers
Today’s nifty top gainer were
DRREDDY changed 2.39% with 2, 47,549 volumes
SUNPHARMA changed 2.30% with 10, 71,300 volumes
KOTAKBANK changed 2.24% with 11, 49,429 volumes
Nifty Losers
Today’s nifty top losers were
INFOSYS with volume 94, 05,999 and changed -12.75%
TCS with volume 44, 97,059 and changed -5.76%
WIPRO with volume 35, 77,902 and changed -4.25%
NIFTY OUTLOOK FOR 16th APRIL 2012
NIFTY SPOT LEVEL
TREND – BEARISH
SUPPORT 1 | 5150 |
SUPPORT 2 | 5110 |
RESISTANCE 1 | 5275 |
RESISTANCE 2 | 5350 |
BANK NIFTY FUTURES
TREND- BEARISH
SUPPORT 1 | 10150 |
SUPPORT 2 | 10010 |
RESISTANCE 1 | 10500 |
RESISTANCE 2 | 10720 |
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