Bears Win One More Day, Profit Booking Evaluate

Submitted by: Kiran Kumar Reddy

Indian Share Market Slipped one more a day in a consecutive row. Bombay Stock Excahge Sensex Closes at 20852 or down 0.18 percent. Bse Mid cap Index sees down by 0.63 percent and the Bse Small Cap Index declined by 0.60 percent on Friday Closing Day Trade.

Sensex Major Resistance on Upside at 21022-21192-21361

Sensex Major Support on Downside at 20653-20454-20284

Trend Deciding Level at 20823

Nifty Index Major Resistance on Upside at 6334-6457-6579

Nifty Index Major Support on Downside at 6131-6051-5928

Trend Deciding Level at 6254

Major Headlines

Claris Life sciences board meets on Jan 7th; to consider interim dividend and buy back of equity shares

Alstom T&D gets order worth Rs 54.4 cr for substation in Bihar


Bajaj Auto December total sales is at 2.97 lakh units Vs 3.1 lakh units (MoM)

Multiples Private Equity Fund buys 99.6 lakh shares of Arvind at Rs 149.5/share

TVS Motor’s December total sales at 1.59 lakh units Vs 1.61 lakh units (MoM)

Hero MotoCorp’s December total sales at 5.25 lakh units Vs 5.30 lakh units (MoM)

Vodafone in early talks with Tata Group to buy its controlling stake in Tata Teleservices

Ashok Leyland’s December total sales at 6,275 units Vs 5,375 units (MoM)

L&T Construction receives orders worth Rs 2962 cr

MCX block deal: 14.2 lakh shares exchanged on BSE at Rs 568.60/share

F&O cues: FIIs net sell Rs 609 crore in Index Futures; FIIs net buy Rs 1091 crore in Index Options

Indian Indices

The Nse Nifty Index closed in the negative note on Friday, were down by 10 points and closes at 6211. In excess of the next couple of days it is expected to trend is down till 6130. In this period the key support will be at 6171 and resistance will be at 6266.

The Nifty has faced resistance around the upper end of the Bollinger Band on the daily chart and the 78.6 percent retracement level of the previous fall.

In the daily chart the index is trading around the Twenty-Daily moving averages (DMA) and the Forty-DMA, ie 6255 and 6194 correspondingly. The momentum pointer is trading in negative mode.

In the hourly chart, the Nse Nifty is trading below the Twenty-hourly moving average (HMA) and the Forty-HMA, ie 6266 and 6265 correspondingly, which are vital intra-day levels. The hourly impetus indicator encompass turned negative. The market duration was negative mode on friday with 658 advances and 517 declines on the National Stock Exchange.

Nifty Future Major Resistance on Upside at 6280-6301-6321

Nifty Future Major Support on Downside is at 6220-6181-6160

Trend Deciding Level at 6241

Bank Nifty Major Resistance on Upside at 11370-11437-11504

Bank Nifty Major Support on Downside at 11169-11035-10968

Trend Deciding Level is at 11236

5 Daily Moving Average @ 6266

50 Daily Moving Average @ 6190

200 Daily Moving Average @ 5908

5 Days Relative Strength Index @ 33 and 14 Days Relative Strength Index @ 49 INDICATES NIFTY PLACED IN TRADING ZONE, WITH BEARISH MOMENT.

Stock Market Tips

Buy Nifty Fut January above 6290 sl 6265 Tgt 6310-6335 {Or} Sell Below 6240 sl 6285 Tgt 6220-6195

Buy Bank Nifty January above 11360 sl 11310 Tgt 11410-11460 {Or} Sell below 11260 sl 11310 Tgt 11210-11160

For More Details Call us at 09052524345/09848969869 or visit us

About the Author: Mr. Kiran Kumar Reddy, Technical Analyst and Founder of Charanwings Advisory Services providing trading advisory services in Equity, Derivatives and Commodity. He provides advisory services to large number of retail as well as Institutional Investors and traders and His advisory services giving back support to various broking houses and product support in Stock Futures, Commodity to Dalal Street Investment Journal since May 2012. He is also having good command in elliot wave theory his articles have also been published in various financial websites and he is also contributing daily news letter on equity market, which were published in Indian notes website. He also made a guest appearance in various workshops which were conducted on stock market awareness


Permanent Link:

Comments are closed.