MARKET OUTLOOK

The NIFTY open the session on a subdued note and traded in narrow range of 5180-5210 levels throughout the day.

 Likely to trade in the range of 5150-5240 levels, if index crosses above the 5240 level will trigger upside to the 5300-5330 levels alternatively a breaks below the 5150 levels will trigger downside to the 5105-5070 levels.

On the downside the NIFTY has immediate support at the 5180 levels followed by 5150 and/or 5070 levels.

 Key Levels & Averages

ITC LIMITED – `249.10

Technical Outlook & Trading Strategy:The share price of ITC LIMITED has broken out from its bullish flag pattern on the daily chart. The price pattern suggests a minimum price target of `265 in the near term. The momentum oscillator on the daily charts suggests a possibility of an upside move in coming trading sessions.

We recommend a BUY on ITC between from `249-250 with a stop loss of ``244.20 for a target of `265 in the near term. 

MARKET OUTLOOK

The NIFTY open the session on a subdued note and traded in narrow range of 5185-5225 levels throughout the day

 The index has given a pullback after the sell off seen on Monday.  The daily short and medium term averages are in sell mode. We recommended to short on nifty at current and rallies up to 5230 levels with a stop loss of 5266 level for a target of 5180-5150-5105-5070levels. A sustainable move above the 5240 level (which is the 38.2 % retracement of previous move of 5340 -5181 levels) will lead the index up to the 5260-5265 levels

On the downside the NIFTY has immediate resistance at the 5230 levels above that 5265 and/or 5310 levels.

 Key Levels & Averages

RELINFRA –RS535.85

Technical Outlook & Trading Strategy:

The share price of RELINFRA has broken out from the support line of Rs 543 levels. The next key support level placed at Rs 513 levels which is the 100 DMA. The daily oscillators on the daily chart suggest a possibility of a downward move in coming trading sessions.

We recommend a SELL on RELINFRA between from Rs 535.5-537 with a stop loss of Rs 544.5 for a target of Rs 513-510 in the near term. 

MARKET OUTLOOK

The NIFTY opened the session with subdued note and traded in a narrow range of 5350-5370 levels. The index has got stuck in a range of 5290 to 5450 levels from the last couple of days. Either way breakout will give direction. Range bound trades likely between the 5270-5300-5390-5450 levels. A close past the 5450 levels to trigger upsides to 5550 plus levels whereas a close below the5270 levels will trigger downsides to 5180-5150 levels.

Key Levels & Averages

TRADING RECOMMENDATIONS

 SUNPHARMA – `569

 Technical Outlook & Trading Strategy:

The share price of SUNPHARMA has given a running breakout on the daily chart. The upside projection of same provides a minimum price target of `600-610 in the near term. On the daily chart, the RSI and MACD have given a positive crossover indicating further upside in the stock We recommend a BUY on SUNPHARMA between from `567-569 with a stop loss of `548for a target of `600-610 in the near term.

Market Review & Outlook

Precious Metals

Gold opened the session on a flat note and traded in a narrow range of Rs27970 – Rs27770 levels and finally closed the session at Rs27925 levels. Near term support for gold is placed at Rs27600 –Rs27500 levels. A close below the Rs27500 levels will see the gold prices declining further to Rs27100 –Rs27000 levels.

Silver opened the session on a flat note and corrected to an intraday low of Rs58888 levels and rallied from these levels to an intraday high of Rs60706 levels and finally closed the session at Rs60317 levels. Near term support for silver is placed at  Rs56800 levels. A close below the `56800 levels will see the silver prices declining further to Rs56000 – Rs55500 levels.

Base Metals & Energy

Copper opened the session with a positive gap and rallied to an intraday high of Rs432.15 levels and finally closed the session at Rs430.8 levels. Copper is likely to trade with a positive bias and head towards recent high of Rs435 levels. Broken above the Rs435 levels will see the copper price head toward Rs440 –Rs442 levels. Aluminium is also closed the session on a positive note whereas; lead traded the session on a negative note.

Crude oil opened the session on a positive note and rallied to an intraday high of Rs5349 levels and finally closed the session at Rs5334 levels. Near term resistance for crude oil is placed at Rs5380 levels. A close above the Rs5380 levels will see the crude prices head towards Rs5420 –Rs5450 levels. Natural gas traded the session on a negative note to close the session at Rs122.90 levels. Natural gas is likely to trade with a negative bias and head down to Rs118 – Rs116 levels.

MARKET OUTLOOK 

The NIFTY opened on a subdued note and traded in a narrow range for the initial hours.  The NIFTY recorded a high of 5413, before picking up downward momentum at the end of the day. The nifty finally closed at 5335, after recording a low of 5322.   The index has failed to sustain above the 5400 levels and in the process has also close just above its day before yesterday low of 5327 levels. We recommend a SELL on NIFTY FUTURE between 5350-5370 levels with a stop loss of 5420 levels for a target of 5250-5220 levels. The momentum oscillators on the daily charts are an overbought zone.  On the downside the NIFTY has immediate support at the 5320 levels below which it can correct up to the 5250 and/or 5220 levels.

TRADING RECOMMENDATIONS

SRTRANSFIN  RS 590

Technical Outlook & Trading Strategy:

The share price of SRTRANSFIN has been trading near resistance level of 590-610 levels which is the 200 DMA , The stock has broken out from its short term uptrend. On the daily chart, the MACD and RSI has given negative crossover indicating further downside in the stock We recommend a SELL on SRTRANSFIN between from `589-595 with a stop loss of `611 for a target of `573-570 in the near term.    

IRB Limited CMP RS 169.65

Technical Outlook & Trading Strategy:

The share price of IRB Limited has been trading near resistance levels of `177 which is the horizontal trend line. The momentum oscillators on the daily chart are an overbought zone. On the daily chart, the RSI has given negative crossover indicating further downside in the stock We recommend a SELL on IRB Limited between from `169.5-170 with a stop loss of `177.1 for a target of `158-155 in the near term.