Nifty Just Miss a Double Century and Stock Market Tips - PowerPoint PPT Presentation

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Nifty Just Miss a Double Century and Stock Market Tips

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Indian Stock Market rallied for the week after shares hit a record high on Friday, on hopes the opposition would win a majority in elections set to conclude next week – PowerPoint PPT presentation

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Title: Nifty Just Miss a Double Century and Stock Market Tips


1
Nifty Just Miss a Double Century and Stock
Market Tips
Indian Stock Market rallied for the week after
shares hit a record high on Friday, on hopes the
opposition would win a majority in elections
set to conclude next week. The Bombay Stock
Exchange Sensex closes at 22995 were up by
651 points or gained by 2.91 percent where
BSE Midcap index rose 0.31 percent while
BSE Mid-Cap index rose 98.63 points or
1.34 percent to 7,456.09. The SP BSE
Small-Cap index gained 60.87 points or 0.8
percent to 7,593.68 in Friday intraday
trade. Sensex Major Resistance on Upside at
23255-23515-23774 Sensex Major Support on
Downside at 22528-22061-21801 Trend Deciding
Level at 22788 Nifty Index Major Resistance on
Upside at 6940-7020-7100 Nifty Index Major
Support on Downside at 6711-6562-6482 Trend
Deciding Level at 6791 Major Headlines Torrent
Power board to meet on May 12 to mull
reorganisation of power operations Bank of
Maharashtra to mull conversion of PNCPS worth Rs
588 cr held by Gol on May 13 MM says some
employees resumed work at tractor mfg unit in
Mohali NALCO block deal 20.5 lakh shares
exchanged on NSE at Rs 39.75/share Idea Cellular
block deal 27.6 1k shares exchanged on NSE at Rs
135.05/sh Neuland Lab Q4 net profit at Rs 8.6
cr Vs Rs 4.2 cr (YoY) Trade Deficit at USD lOi
billion Vs USD 10.5 billion (MoM) Nifty
Indices Nifty shone for the entire day today,
making a long bullish candle, a pattern that it
has made for the first time in this rally
that started in February 2014. It has
surpassed its previous swings high of 6870
levels. Moreover, it has engulfed the
candlestick of the previous nine days which
makes it one of the most reliable bullish
engulfing patterns. Now 6652, ie todays low,
becomes very crucial and till this level
is not broken the probability of a wave 3
will remain high. The immediate target on
the upside comes to 7100 levels and above
that at 7460 level. This depicts that the
Nifty is heading towards our medium-term
target. It took good support at its lower
Bollinger Band as well the 40-day
exponential moving average which is a sign of a
bull market. On the hourly chart it appears
that the Nifty might form a broadening pattern
which will take it to 6957 levels in the
immediate term and a break-out above that level
will only confirm the trend. The momentum
indicators on the weekly and monthly charts
remain well in buy mode and the daily
indicator, which was in sell mode, is also
showing signs of reversing from the zero
reference line. Once that happens it will fuel
the upward trend. Based on these
2
indicators we conclude that the bulls have
an absolute control over the market and
that is what is reflected on the weekly chart
where the Nifty has formed a bullish engulfing
pattern. In the daily chart the index is trading
between the Twenty-Daily moving averages (DMA)
and the Forty-DMA, ie 6748 and 6640
correspondingly. The momentum pointer is
trading in negative mode with negative
deviation on daily chart nonetheless it is
showing signs of reversing from the zero
reference line. In the hourly chart, the Nse
Nifty is trading below the Twenty-hourly moving
average (HMA) and the Forty-HMA, ie 6728 and
6712 correspondingly, which are vital
intra-day levels. The hourly impetus indicator
encompass turned positive. The market duration
was turned almost positive with 925 advances
and559 declines on the National Stock
Exchange. Nifty Future Major Resistance on
Upside at 6972-7049-7125 Nifty Future Major
Support on Downside is at 6745-6595-6518 Trend
Deciding Level at 6822 Bank Nifty Major
Resistance on Upside at 14177-14455-14732 Bank
Nifty Major Support on Downside at
13350-12801-12523 Trend Deciding Level is at
13628 5 Daily Moving Average _at_ 6717 50 Daily
Moving Average _at_ 6583 200 Daily Moving
Average 6148
5 Days Relative Strength Index 76 and 14 Days
Relative Strength Index
65 INDICATES
NIFTY PLACED IN BULLISH ZONE, WITH BULLISH
MOMENT. Stock Market Tips Buy Nifty Fut May
Intraday above 6915 sl 6890 Tgt 6935-6960 Or
Sell Below 6865 sl 6890 Tgt 6845-6820 Buy Bank
Nifty May Intraday above 13935 sl 13885 Tgt
13985-14035 Or Sell Below 13835 sl 13885 Tgt
13785-13735 Curious Fact When the moon is
directly overhead, you will weigh slightly less.
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