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Market Outlook 22 October 2014               some interesting links >


Nifty (7927.75, +48.35, +0.61%)

International markets have recovered and the US indices have posted strong closes. Asian markets are mostly trading in the positive territory along with our man, the SGX Oct Nifty, gaining 64 points trading at 8014 albeit on low volumes. Intraday chart of the Nifty—at the end of yesterday’s close—looked quite well poised to move up. In all likelihood, by the close of tomorrow’s muhurat session, we might see the index testing 8030 – 8065 supply zone. With USDINR cross rate inverted daily price chart showing a ‘horn-bottom’ formation in favor of the rupee, it looks as if we are headed for better times. Once we get past 8065 decisively, the next target levels are 8104 and then the zone between 8127 and 8141. On the downside, unless the index falls below 7920 decisively in the day’s session, the bulls would be on the driver’s seat.

  • Most critical levels for the day: 7968

  • Strong resistance: 8030 – 8065

  • Major resistance: 8127 – 8141

  • Strong support: 7920 – 7874

  • Major support: 7840 – 7819


Bank Nifty (16427.25, +210.65, +1.30%)

This index looks strongly bullish. It appears—looking at the daily chart—that if this index were to stay above 16354 – 16382 support area, the bulls would not have any problem pushing it further up. We might well be headed for higher levels in the Bank Nifty. We might see another upsurge today where it could test a significant resistance zone between 16631 and 16678. Chances are that reaching the levels mentioned above we might see some profit taking happening since the index is stretched quite a bit from its short term moving averages. However, the short term uptrend would remain intact so long as it stays above 15973.
  • Most critical levels for the day: 16354 – 16382

  • Strong resistance: 16631 – 16678

  • Major resistance: 17009

  • Strong support: 16243 – 16145

  • Major support: 15973 - 15811

 




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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