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Market Outlook 02 September 2014               some interesting links >


Nifty (8027.70, +73.35, +0.92%)

The coveted level of 8000 is here and we have seen a strong close above the landmark figure as well. This is quite encouraging for the bulls. Now, we are headed for 8081 for the Nifty unless it falls drastically below the strong support zone between 7982 and 7957. In case, there were to be any selling now, unless the index goes decisively below 7957 there wouldn’t be any serious threat to the current uptrend. On the way up, 8081 through 8127 would be the zone where some fresh supplies are quite likely. We tend to think, as in line with what we projected some time back in recent memory—the index is headed for 8300 through 8500 levels sooner than later. However, beyond that, we should not be project at the moment.

  • Most critical level for the day: 8010

  • Strong resistance levels: 8081 – 8127

  • Strong support levels: 7982 – 7957

  • Major resistance levels: 8220 – 8228 – 8309

  • Major support area: 7885 – 7835


Bank Nifty (16012. 80, +272.40, +1.73%)

This index too posted an all-time high of 16060, and it closed above the important level of 16000 as well: the banking sector looks decisively bullish. Probably, it could lead to the Bank Nifty entering the next bull phase from here. Going by the chart pattern it seems as if the bullish overtone is all too apparent. Only when the index crosses 16093 through 16146 supply zone it would be far better for the bulls. Unless there is a breakdown below 15783, as of date, the uptrend has considerable strength.
  • Most critical level for the day: 15922

  • Strong support: 15863 – 15826

  • Major support: 15789 – 15196

  • Strong resistance: 16080 – 16146

  • Major resistance: 16130 – 16030

 




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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