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Trading Today
(March 06, 2012)
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From Our Technical Desk
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From The Dealing Desk
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Market Outlook:
The markets opened with a downside gap, witnessed selling pressure throughout the day and ended in red. Buying was seen in FMCG counter while Metal and Realty counters witnessed selling pressure.
Nifty:
Nifty witnessed volatile session and ended in red. Nifty continues to close below its short term moving average and the negative crossover of the RSI indicates that the short term trend is negative. Strong support is seen at 5,300 and major round of sell off can be seen if Nifty closes below this level. A close below 5,300 would drifty Nifty further lower to 5,200/5,180 levels in the near term. The 20 DMA at 5,447 will act as a stiff resistance for Nifty and we need a very strong trigger to surpass this level.
Support: Major support level 5,300/5,280.
Conclusion: Market to remain volatile, trade with strict Stop Loss.
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Trading Ideas
- Trading idea which we like is JAI CORP (Target 125) & RIIL (Target 520). Traders maintain stop loss accordingly.
Investment Ideas
- RPOWER CMP @ Rs 135 (Target Price: Rs 155)
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Statistical Data
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- Derivatives Update
- Advance Decline Ratio
- Sector updates
- Exchange Volumes
- Implied Volatility for ATM Options
- Put Call Ratio for (Open Interest)
- FII - MF Activity
- World Markets
- Currency
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