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May 2, 2016
2
“Nifty may open in red indicating global cues”
Indian benchmark indices are likely to open in red with the market
indicator SGX nifty trading -17.00 points at 7,892.50 at the time of
market closed. Asian market, Europe market and America market
trading down.
TEHNICAL & DERIVATIVE REPORT
May 2, 2016
SENSEX ( 25606.62) /NIFTY (7849.80)
3
KEY VALUE
SUPPORT 1- 7815.30 RESISTANCE1- 7872.50
SUPPORT 2- 7760.00 RESISTANCE 2- 7920.35
.
Nifty closed at 7849.80 with a gain of (+2.55) points. On the daily chart the
index has formed a Bullish candle indicating negative bias.The index is
moving in a Higher Top and Higher Bottom formation on the daily chart
indicating sustained up trend. The chart pattern suggests that if Nifty crosses
and sustains above 7880 level it would witness buying which would lead the
index towards 8040-8070 levels.However if index breaks below 7800 level it
would witness selling which would take the index towards 7760-7720 Nifty
continues to remain in an uptrend in the short to medium term, so buying on
dips continues to be our preferred strategy. The daily strength indicator RSI is
moving downwards and above its reference line indicating pnegative bias.
However momentum oscillator Stochastic has turned negative from the
overbought zone indicating a possible consolidation or a down move in the
near term The trend deciding level for the day is 7880. If NIFTY trades above
this level then we may witness a further rally up to 8040-8070 levels.
However, if NIFTY trades below 7820 levels then we may see some loss
booking initiating in the market, which may correct up to 7 level.7760-7740.
OBSERVATION
STRATEGY :-
NIFTY is looking bullish on a chart for next day. One can go for buy on lower level strategy for this
index for intraday to midterm positions.
4
On Friday session, the index had given a flat opening followed up with
positive momentum throughout the session. The “HAMMER” pattern
formed during the previous week on weekly charts has been negated as
the index has managed to cross the high on Thursday, thus indicating
bulls taking control back in their favor. If the index manages to continue
its momentum, then it could rally up to 17000-17100 range which is
127% reciprocal retracement of the previous corrective move from 16780
to 15560. Traders are hence advised to continue to trade in the direction
of the trend and follow strict risk management strategy on their trading
positions. Intraday support for Nifty Bank is placed around 17040 and
16846 whereas resistance are seen around 17040 and 17160
TEHNICAL & DERIVATIVE REPORT
May 2, 2016
NIFTY BANK OUTLOOK- (16795.00)
5
KEY VALUE
Support 1- 16700.50 Resistance1- 17040
Support 2- 16640.00 Resistance 2- 17160
ASIA MARKET:-
MARKET INDICATORS
Index Last Traded Change
Straits Times 2,838.52 -23.78 -0.83 %
Hang Seng 21,067.05 -320.98 -1.50 %
SSE Composite Index (Shanghai) 2,938.32 -7.27 -0.25%
Nikkei 225 16,666.05 -624.44 -3.61%
6
AMERICA :-
Index Last Traded
Change
Dow
JONES 17,764.57 -66.19 -0.37%
S&P500 4,772.57 -32.72 -0.68%
Nasdaq 2,063.31 -12.50 -0.60%
EUROPE :-
Index Last Traded Change
DAX 10,038.97 -282.18 -2.73 %
FTSE 100 6,241.89 -80.51 -1.27 %
CAC 40 4,428.96 -128.40 -2.82 %
BEL-20 3,388.50 -47 -1.37%
7
Indiabulls Real Esta +6.46 %
Suzlon Energy Ltd. +5.27 %
Piramal Enterprises +4.92 %
Bata India +4.84 %
Balrampur Chini +4.79%
Idea Cellular Ltd. -6.52%
Jindal St & Pwr -6.49%
HCL technology -6.19%
Ceat Ltd -5.88%
Hind. Construction Co. -5.00%
TOP GAINERS
TOP LOSERS
8
“ICICI Q4 profit tanks 76% on exceptional provision, NPA worsens”
KEY VALUE
Support 1- 234 Resistance1- 240
Support 2- 230 Resistance 2- 245
TEHNICAL & DERIVATIVE REPORT
May 2, 2016
ICICI BANK
9
“Tata Steel UK not willing to split up assets to secure sale”
KEY VALUES
SUPPORT 1- 345 RESISTANCE 1 -355
SUPPORT 2- 340 RESISTANCE 2- 360
TEHNICAL & DERIVATIVE REPORT
May 2, 2016
TATA STEEL
10
The information contained here was gathered from sources deemed reliable
however; no claim is made as to accuracy or content. This does not contain specific
recommendations to buy or sell at particular prices or time, nor should any
examples presented be deemed as such. There is a risk of loss in equity trading and
you should carefully consider your financial position before making a trade. This is
not, nor is it intended, to be a complete study of chart patterns or technical analysis
and should not be deemed as such. SAI PROFICIENT INVESTMENT
ADVISORS does not guarantee that such information is accurate or complete and
it should not be relied upon as such. Any opinions expressed reflect judgments at
this date and are subject to change without notice. For use at the sole discretion of
the investor without any liability on Sai Proficient Investment Advisors.
TEHNICAL & DERIVATIVE REPORT
May 2, 2016
DISCLAIMER