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02/09/2010
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CGheewala's Scrip Script
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The key benchmark indices extended gains on second consecutive day. Tracking firm opening of Asian markets and our brother SGX Nifty , domestic market opened higher and extended gains in late trading session. CNX Nifty swing from its recent low and crossed significant levels boosted traders sentiment and managed to close at the highest point of the day. The BSE 30-share Sensex was provisionally up 243.92 points or 1.36%, up 187.92 points from the day's low and off 12.10 points from the day's high. Market breadth that indicates market health was positive. 1087 shares were advanced , 226 shares were declined while 8 shares traded flat on NSE.
Exports rose for the ninth straight month in July 2010, growing an annual 13.2% to $16.24 billion, the latest government data showed. Imports for the month rose 34.3% to $29.17 billion, widening the country's trade deficit to $12.93 billion. Exports during the April-July period rose 30.1% to $68.63 billion. The trade deficit edged back into double digits in April 2010 after averaging $9.1 billion in Q4 March 2010 and has remained elevated since then. Latest data shows the gap stood at $12.93 billion in July 2010, highest since September 2008 and widening further from $10.55 billion in June 2010.
Technically speaking trend is POSITIVE. 5451 will act as watermark for nifty. Buy above 5451 and increase your exposure above 5478 for possible upward target of 5527 === 5575 with stop loss of 5437.
If nifty sustain above 5575 hold your position for further target of 5623 === 5671 with revised stop loss of 5550.
Apply wait and watch policy at 5671 can create fresh short position for target of 5598 === 5550 with stop loss of 5694.
Sell below 5437 and increase your exposure below 5423 for target of 5375 === 5348 with stop loss of 5451.
If nifty sustain below 5348 hold your position for further target of 5320 === 5293 with revised stop loss of 5361.
Apply wait and watch policy at 5293 can create fresh long position for target of 5334 === 5361 with stop loss of 5280.
Short position is not advisable above 5527.
Long position is not advisable below 5375.
Nitish Gheewala
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02/09/2010
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BSE Sensex
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Sensex major resistance at 18279 === 18353.
If sensex trades above 18353 short covering expected in vicinity of 18479 === 18606 === 18732 levels.
Sensex weightage average at 18153.
Sensex major support at 18079 === 17953.
If sensex trades below 17953 vertical fall expected in vicinity of
17879 === 17805 === 17732 levels.
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02/09/2010
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NSE Nifty Futures
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Nifty Futures major resistance at 5507 === 5535.
If Nifty Futures trades above 5535 short covering expected in vicinity of
5583 === 5630 === 5677 levels.
Nifty Futures weightage average at 5459.
Nifty Futures major support at 5430 === 5383.
If Nifty Futures trades below 5383 vertical fall expected in vicinity of
5354 === 5325 === 5297 levels.
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02/09/2010
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NSE Bank Nifty Futures
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Bank Nifty Futures major resistance at 10947 === 11002.
If Bank Nifty Futures trades above 11002 short covering expected in vicinity of 11097 === 11191 === 11286 levels.
Bank Nifty Futures weightage average at 10852.
Bank Nifty Futures major support at 10797 === 10703.
If Bank Nifty Futures trades below 10703 vertical fall expected in vicinity of 10648 === 10593 === 10539 levels.
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