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Market Outlook 17 April 2014               some interesting links >


Nifty (6675.30, -57.80, -0.85%)

The index has turned very weak facing a constant barrage of selling; in the process, it even broke the much coveted support level of Nifty 6700. Indications are there that even if there were to be any recovery we would see a further fall first. The extent of that could be just 6650 for a bare minimum or else we could see further lower levels. The level of 6648 assumes great importance—if this gets taken out bears will develop a vice like grip for the short.


  • Most critical levels for the day: 6648, is its first support.

  • Strong support: 6662 – 6645

  • Major support: 6619 – 6572

  • Strong resistance: 6666 – 6715

  • Major resistance: 6748 – 6778

Bank Nifty (12563.15, -16.75, -0.1333%)

This index is, arguably, a lot less weaker! If it manages to take the Bank Nifty beyond the level of 12722, we would have a good chance to see a late rally. On the other hand, now, any sustained fall below the 12398-mark would bring in a lot more supplies and the index could then be headed for 12200 in the short run.

  • Most critical level for the day: 12550

  • Strong support: 12470 – 12402

  • Major support: 12275 – 12225

  • Strong resistance: 12630 – 12671

  • Major resistance: 12722 -12855




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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