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This page is normally updated between 08.30 Hrs - 09.00 Hrs morning on Trading Days

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Market Outlook 22 May 2015               some interesting links >



Nifty (8421.00, -2.00, 0.03%)

The level of 8400 for the Nifty takes a critical importance for staying above the level would imply a retained gumption in bullish momentum. However, if there were to be a sustained campaign below this level even if the index does not go down much but spends a significant amount of time below this level and tries to penetrate even 8370 that would be first sign of weakness in this current short term upswing. On the other hand, if the Nifty were to fire on all cylinders and takes out 8525 through 8531 range bulls would be tap dancing on the center stage.

  • Most critical level for the day: 8400

  • Strong resistance: 8440 – 8455

  • Strong support: 8400 – 8370

  • Major resistance: 8525 – 8531

  • Major support: 8350 – 8320


Bank Nifty (18513.15, -42.00, -0.23%)

This index is hovering in a sort of a neutral zone since staying above 18600 or, to be precise, 18603 it would be clearly bullish while going below 18400 on any sustained campaign would bring back the bears waiting in the wings to stage a comeback would get at least get a half-hearted invite from the market. Thus, it pays to monitor today these two encapsulating boundaries capable of emitting decisive signals. The trend in the Bank Nifty is still quite strong and steady. Only a sharp sell-off taking the Nifty below 18165 would upset the bulls and terminate the short term uptrend.
  • Most critical levels for the day: 18400 (downside) and 18600 (upside)

  • Strong resistance: 18677 – 18731

  • Strong support: 18210 – 18165

  • Major resistance: 18871 - 18931


 




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.
* The Outlook is 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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