Daily momentum indicators such as RSI and MACD are oversold and thus one can see a bounce back on eve of future and options expiry. However for this to happen Nifty has to remain above the level of 5339. Nifty is likely to bounce back from 5300-5296 level which will act as a good support and as it is we have stated above that technical indicators are oversold. Technically Nifty is trading with a negative trend. From intraday perspective breach of 5339 level means that Nifty can fall till 5250-5275 and sustaining above 5342 level mean that it can rise till 5425-5450 during settlement day. Thus one can make money with prevailing volatility by going for intraday tips which will yield profit everyday for the day traders.
It was a lacklusture day with very little volume as neither international market showed any trend nor traders were interested as they were more interested in rolling over positions in the derivatives segment ahead of the expiry of the May derivatives contracts on Thursday. as a result the BSE benchmark index closed in the negative, down 164 points at 17,847. Nifty slipped to a 12 week low when the index reached the day's low of 5,329.
If we analyse the reason that why market is not showing any positive movement, we will realise that it is looking for an important trigger or a catalyst to basically drive it up further in the absence of an environment, where the FIIs are net sellers. If some positive reforms or any other macro policy signals is shown, than only we may see it moving with strength. With costs and interest rates on the rise, the trend of Sensex earnings downgrades is likely to continue and to add fuel to fire the buying by Foreign Institutional Investors (FIIs) has remained subdued as they bought shares worth only Rs 188.16 crore yesterday, while they have been net sellers of shares of Rs 5254 crore so far this month. The market breadth was negative and out of total 2878 stocks traded on the BSE, 1649 stocks declined while 1080 advanced.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Asian Paints, Mundra Port, Titan, Dish TV, S Kumar, Dabur, Zeel, Mphasis, OFSS & Ranbaxy.
Weak future stocks at NSE
Rel Media, KS Oils, Jindal Saw, SBI, NCC, Aurobindo Ph, Balrampur Ch, Patni, DCHL & Punjlloyd.
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