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Market Outlook 22 August 2014               some interesting links >


Nifty (7891.10, +15.80, +0.20%)

Unless the index gets past 7925 decisively, we should not be expecting any further upswing. On the contrary, if it were to fall below 7878 through 7854 support area it can fall much further since that would signal the failure of the bulls to take it beyond 7925. In case, selling pressure accentuates it might go down to test 7819 through 7785. On the other hand, if the bulls are able to push the index above 7925 with lot of buying support then there could be a good upsurge due to short covering. Last three days shorts are getting built up in anticipation of a breakdown below the level of 7850 while discounting the slim chances of a breakout above 7925.

  • Most critical levels for the day: 7892 on the upside & 7866 on the downside

  • Strong support: 7854 – 7843

  • Major support: 7819 – 7785

  • Strong resistance: 7920 – 7925

  • Major resistance: 7970 – 7997


Bank Nifty (15662.20, +180.50, +1.66%)

The index looks bullish but it needs to stay above 15678 in the day’s session to remain bullish—this is its most critical level for the day. If it manages to stay above this level then expect the Bank Nifty to zoom up and even get past 15725 – 15742 initial potential supply zone while any failure to clear the level of 15678, you might see it coming down again to test 15545 through 15449. If there is a sharp upward breakout, this index can move up to test 15933 through 16009 target zone. On the other hand, unless it falls below 15283 decisively, bulls would retain their initiative.
  • Most critical level for the day: 15678

  • Strong resistance: 15742 – 15820

  • Major resistance: 15933 – 16009

  • Strong support: 15545 – 15449

  • Major support: 15283 - 15150

 




Note (1): Either on the long side or on the short side if at any moment a counter is not moving beyond an initial or interim target to the final target book profits. Once initial target is crossed, you can use that as your trailing stop-loss level.



Rajat K. Bose
Notes (2): (please read).
* All prices relate to the NSE, unless otherwise mentioned.
* Calls are based on the previous trading day's price activity.
* The call is valid for the next trading session only unless otherwise mentioned.
*

Stop-loss levels are given so that there is a level below/above, which the market will tell us that the call has gone wrong. Stop-loss is an essential risk control mechanism; it should always be there.

*

Book, at least, part profits when the prices reach their targets; if you continue to hold on to positions then use trailing stops to lock in your profits.

*

Don't chase a stock, if you are unable to buy a stock because it hits circuit levels on successive days, don't buy that.

* The analyst and his clients may or may not have positions in the securities mentioned above.
Trading involves considerable risk. Trade at your own risk to the extent you are comfortable. The analyst shall not be responsible for any losses incurred for acting on these recommendations.
Rajat K Bose
 

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