Articles: Stock Market|
|Stock Market- Summary|
|Market opened on (02nd NOV ) slightly upper side , but lost ground immediately on opening. However it subsequently gained during rest of market session and closed positive before immediate long weekend. In three trading sessions for the week ended 2 November 2005, BSE Sensex jumped 387 points .
Market started falling after touching life time high 8799.96 on 4th OCT & touched a low of 7685.64 on 28 OCT 2005. Heavy selling by FII's had caused the sharp market fall of 1114 points. Market sentiment improved after a small 25 basis points US interest rate rise pleased investors & the US Federal Reserve did not signal more aggressive hikes in future, which could lure capital markets. Fed raised interest rates by 25 basis points to a 4-year high of 4%. Airline stocks like Jet Airways and SpiceJet star shares after oil companies cut aviation turbine fuel prices .
The market breadth was positive, 448 advances VS 383 declines, and 26 shares unchanged in NSE.
Market analysis: We are continuously asking to buy in dips and sell in rallies. Trader should be careful at Nifty futures 2440-2445 which is strong resistance. One more important observation, out of three days NIFTY Futures Open interest came down 18lacks on 31st Oct and 10 lacks on 2nd NOV .Decreasing open interest with rising rate indicating Short covering. So Traders must be closely watch at the above referred index.
Day traders Strategy : Keep an eye on Nifty futures 2440-2445 which is very strong resistance. If market unable to sustain or close above this index, one can unload some speculative positions and wait for dips for fresh buying. Fresh buying at higher levels is dangerous.
Investors strategy :Market has taken very good correction with in short span. One can start buying partly for long term as well as medium term. Buy fundamentally good stocks.
INDEX & STOCKS LEVELS FOR DAY TRADING
ALL LEVELS MEANT FOR FUTURE TRADING
NIFTY FUTURES (2412.90):TREND DECIDER IS 2400
Supports are 2400/2384/2360.Resistances are 2425/2440-2445.
IPCL (222.20):TREND DECIDER IS 221
Buy with stop loss of 216, will touch to 224/226/232.Supports are 218/216.
I-FLEX(889.40):TREND DECIDER IS 898
Buy above 898,will touch to 905/913/917(good resistance).
NTPC (97.90):TREND DECIDER IS 98.50
Supports are 97/96/95.Resistances are 98.50/100(good resistance).
BHARAT FORGE (327.50): TREND DECIDER IS 326
Supports are 326/320.Resistances are 329/334-335.
BHARTI (330):TREND DECIDER IS 328
Supports are 328/322/320 .Resistances are 331/334-336(GOOD RESISTANCE)
CHENNAI PETRO (244.25): TREND DECIDER IS 242
Supports are 242/236 .Resistances are 245/248(GOOD RESISTANCE).
HCLTECH (428.65): TREND DECIDER IS 432
Supports are 425/422/420 .Resistances are 432/440.
HIND LEVER (165.40):TREND DECIDER IS 167
Supports are 164/162 .Resistances are 167/170/172.
INFOSYS(2597.90) : TREND DECIDER IS 2600
Supports are 2575/2555/2530/2500 .Resistances are 2620/2643/2690.
ITC(124.90):TREND DECIDER IS 125
Supports are122/120 .Resistances are 127-128(GOOD RESISTANCE ZONE).
POLARIS(101.90):TREND DECIDER IS 103
Supports are 100/98 .Resistances are 103/106.
RELIANCE(781):TREND DECIDER IS 777
Supports are768/760 .Resistances are 784/787-788(GOOD RESISTANCE).
SATYAM COMP(626.90):THE ONLY STOCK TRADING AT 52 WEEKS HIGH
TREND DECIDER IS 630
Supports are 618/612/602 .Resistances are 635/641
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