[T.S.R:10884] MKT OUTLOOK

 Technical Check & Outlook 8/9/09

Finally the much awaited break out in Spot Nifty took place in the first trading day of the week where after opening flat in the morning market marched ahead till strong resistance zone of 4750 and halted for a while but finally breached that decisively and closed near to day's high at 4782.90 (which is also the highest closing in the year of 2009 ) up by 102.50 points or 2.19%. BSE Sensex closed at 16016.32 up by 327.20 points or 2.09%. BSE Midcap closed at 5967.77 up by 134.55 points or 2.31% whereas BSE Small Cap Indices closed at 7189.47 gaining 197.96 points or 2.83%. The volume was higher than that of the previous trading session and the breadth was absolutely positive in the ratio of 5:1.

Technically speaking in the Spot Nifty daily candle stick a piercing bullish candlestick is visible, once such kind of move comes with increased volume from any consolidation zone, the move becomes very violent. Presently Spot Nifty is moving above its extreme short, medium and long term moving averages. If we look to the momentum indicators MACD is in BUY mode 14 days RSI and Stochastic Oscillator is trying to go up further. Here it is mention that still Positive Directional Indicator (+DI) is hovering over the (-DI) Negative Directional Indicator.

Yesterday's market closing suggests positive opening today and in that evidence Spot Nifty will face initial resistance around 4808 followed by 4840-4850 mark thereafter resistance will be offered near 4900 mark. On the contrary in the downside 4748 will be the initial support followed by 4728 thereafter 4697-4680 will offer strong support. Here it is to mention that Spot Nifty completes 61.8% pull back of the entire fall from all time high of Spot Nifty 6357 to 2250, around 4800 mark.

In commodities front gold (993$ /oz), silver (16.25$/oz) is consolidating at the current place after the amazing recent rally. Crude is hovering around (68.86$). US Dollar looks steady against its major cross currencies. Presently INR is hovering at 48.65 against USD.

Stock To Watch 8/9/09 

Suven Life Sciences Ltd:

Strtegy & Target - Suven achieves 1st Milestone payment in Drug Discovery collaboration. Our target  32.75. Holding period 1 - 5 days

Welspun-Gujarat Stahl Rohren Ltd

Strategy & Target- Welspun-Gujarat Stahl Rohren Ltd has had good breakout from its 246 registance level. Our target for Welspun-Gujarat Stahl Rohren Ltd if 270. Holding period 1 - 7 days

 Tata Steel Ltd

Strategy & Target- Midca & small cap steel companies has been buzzing for last few days. We feel in coming days focus can return to large cap steel companies. Our target 450 - 460. Holding Period 1 - 3 days

 Larsen & Toubro Ltd:

Strategy & Target- As discussed L&T is expected to perform well in short term. Moreover news from sources that L&T is eyeibf BDS Chola's India Fund operation is expected to keep stock buzzing. Our new target 1630. Holding Period 1 - 3 days

Nava Bharat Ventures Ltd

Strategy & Target - Nava Bharat Ventures Ltd has strong formation. We feel strock can perform well in short term. Nava Bharat Ventures Ltd has resistance at 400. Our target 415. Holding period 7 - 10 days

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