Afternoon Despatch & Courier newspaper Mumbai Sept 14,2009 Starting today the Afternoon newspaper has introduced new columns basically to give Day Traders an Advantage. What is of great value is the Support and Resistance Levels for F&O Scrips on a Daily Basis, which is not available in print anywhere. Moreover the paper has introduced a Daily column on Technical Analysis and intends to monitor the Nifty with recommendations.Today's report is attached below... Its simple style and accurate analysis makes it a good read...
Daily Market Report for: Monday (September 14, 2009) (Based on the activity of the previous trading session) By Dominic Rebello Review of the Previous Session: The Nifty rose marginally on Friday (September 11, 2009) a net 10.15 points (0.21%) and closed at 4829 point level. The market opened up then turned down and continued so until 2:45 p.m., when it reached its day low at 4791 points. Then it rose and turned into a range bound movement until closing at the day. The market fluctuated in a narrow range of just 64 points. Sentiment was mixed and 28 of 50 Nifty stocks ended with losses, 21 were gainers and 1 remained unchanged. Institutional buying was witnessed in banking, technology and aluminum stocks, while some selling was witnessed in oil & gas, FMCG, realty, cement, private power, auto and select steel companies. Technical Analysis: Volume: Volume (Qty shares) decreased 5.97%. This change is small and indicates a moderate participation by the players. Market Breadth: Overall Market Breadth on the NSE was negative. Amongst all the traded stocks, 438 were gainers, 814 were losers and 35 remained unchanged. Slow Stochastic Indicator: The Slow Stochastic Oscillator is in the over-bought zone. The Slow K line in the Stochastic Oscillator is below the slow D line (negative if it continues). RSI Indicator: The RSI is above the 60 level and is now rising (positive if it continues). MACD Indicator: The MACD is above zero and is rising (positive if it continues). It is above its 9-day Signal Line (positive). ADX Indicator & DI Lines: The +DI line is above the –DI line, but both lines are converging (negative if it continues). The ADX is rising while the Market Index is flat. No signal here. Moving Averages (Trend Indicators) The index: Is above its 5-day average (at 4810) Positive; Is above its 15-day average (at 4708) Positive.; Is above its 25-day average (at 4615) Positive. Is above its 200-day average (at 3606) Positive All the four averages are positively trended. Positive. Overall Market Strength/Weakness: The indicators and oscillators discussed here are indicating a strong market with a positive bias. Support Levels: For short-term traders the immediate main support is at 4672 marked as S1 (blue line below the Index). The next support is at 4394 marked as S2 (blue line below the Index). Resistance Levels: The immediate main resistance is at 5193 marked as R1 (red line above the Index). The next resistance is at 5580 marked as R2 (red line above the Index). Pivot Point Analysis: For intra-day traders the support and resistance levels are calculated according to the pivot point theory and are: Pivot point = 4826 (This is the level where the trend is likely to change during intra-day). Support (1) = 4795. Support (2) = 4761.; Resistance (1) = 4860. Resistance (2) = 4890. Outlook for Today: On Japanese candlestick patterns the index has formed a doji pattern. This indicates indecisiveness amongst market men. The next candle formation will confirm whether the bias is towards the buy or sell side of the market. However, the index continues to remain above its 5, 15, 25 and 200- day’s moving average and all the averages are rising and also positively trended. Moreover, the velocity parameters are also positively trended. All these indicate a positive bias and the possibility of a further up move unfolding. Investors are advised to hold long positions. Work with strict stop losses on all positions. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
