Indian Futures and Options Trading shares market edged down on Monday to close at their lowest in nearly 2-1/2 weeks as index heavyweight ITC slumped on tax hike worries. The Bombay Stock Exchange Sensex closes at 25032 were down by 75 points or slumped by 0.30 percent. Nse Nifty Closes at 7494 were fallen by 19 points or fell by 0.24 percent BSE Midcap index lost by 0.6 percent whereas the Smallcap index ended 0.5 percent loss in intraday trade.

Sensex Major Resistance on Upside at 25188-25343-25498

Sensex Major Support on Downside at 24885-24737-24582

Trend Deciding Level at 25040

Nifty Index Major Resistance on Upside at 7538-7582-7625

Nifty Index Major Support on Downside at 7447-7400-7356

Trend Deciding Level at 7491

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Government agrees to hike 40% import duty on sugar

Nifty Indices

Nifty ended the day in red for the fourth consecutive day which points to inherent weakness. However, there exists a probability that this is just a retracement of the previous rise in wave IV following which wave V up will begin. The fall so far appears to have been in a downward sloping parallel channel and the Nifty has taken a good support at the lower end of the channel. Hence, that level becomes a crucial support going forward. The Nifty has been taking support at its 20-daily moving average (DMA), ie the mean of the Bollinger Bands, which is a positive sign for bulls. The ultimate short-term reversal is pegged at 7433 levels and till that is not broken we believe that the short-term trend shall remain up. The immediate resistance is pegged at 7550 levels above which Nifty can test 7635.

The thrust pointer has gone in sell sort with a negative divergence on the daily chart and that’s quite a negative sign for the bulls

In the daily chart the index is trading above the Twenty-day moving average (DMA) and the Forty-DMA, ie 7487 and 7282 respectively. The thrust indicator is trading in negative sort on the daily chart

In the hourly chart, the Nse Nifty is trading below the Twenty-hourly moving average (HMA) and the Forty-HMA, ie 7516 and 7533 correspondingly, which are vital intra-day levels. The hourly impetus indicator encompass turned negative.

The market duration was turned negative with 801 advances and 759 declines, Unchanged 38 Total Issue 1598 on the National Stock Exchange.

Nifty Future Major Resistance on Upside at 7551-7593-7635

Nifty Future Major Support on Downside is at 7466-7423-7381

Trend Deciding Level at 7508

Bank Nifty Major Resistance on Upside at 15233-15331-15429

Bank Nifty Major Support on Downside at 15004-14873-14775

Trend Deciding Level is at 15102

5 Daily Moving Average @ 7547

50 Daily Moving Average @ 7147

200 Daily Moving Average @ 6410

5 Days Relative Strength Index @ 37 and 49 Days Relative Strength Index @ 57 INDICATES NIFTY PLACED IN BULLISH ZONE, WITH BEARISH MOMENT.

Options Trading Tips

Buy Nifty Fut Jun Intraday above 7535 sl 7510 Tgt 7555-7580 {Or} Sell Below 7485 sl 7510 Tgt 7465-7440

Buy Bank Nifty Fut Jun Intraday above 15180 sl 15130 Tgt 15230-15280 {Or} Sell Below 15080 sl 15130 Tgt 15030-14980

Buy Nifty 7600 Call Options Above 16 sl 8 Tgt 23-29

Pick Of the Week

Buy Unitech Cash above 34 sl 29 Tgt 37-41

Buy Tata Elexsi Cash above 578 sl 535 Tgt 625-675

Fundamental Pick

Buy Viaka Ind above 126 Add More on Dips at 110 For Short Term Target 168 For Long Term Target 220-240.

Summary: Visaka Industries is the second largest cement sheet manufacturer in India and manufactures corrugated cement fiber sheets. Buy and hold the stock keep accumulating the dividend and interim dividends

Curious Fact

Hailstones are lumps of ice that fall from thunderclouds during a storm. In 1986, a hailstone the size of a grapefruit fell in Bangladesh. It is believed to be the biggest hailstone that has been recorded.

Article Source: http://www.charanwings.com/blog/post/Nifty-a-Crucial-Support-Holds-and-Options-Trading-Tips

Mr. Kiran Kumar Reddy, Technical Analyst and Founder of Charanwings Advisory Services providing trading advisory services in Equity, Derivatives and Commodity. He provides advisory services to large number of retail as well as Institutional Investors and traders and His advisory services giving back support to various broking houses and product support in Stock Futures, Commodity Tips to Dalal Street Investment Journal (dsij) since May 2012. He is also having good command in elliot wave theory his articles have also been published in various financial websites and he is also contributing daily news letter on equity market, which were published in Indian notes website. He also made a guest appearance in various workshops which were conducted on stock market awareness http://www.charanwings.com

Mr. Kiran Kumar Reddy, Technical Analyst and Founder of Charanwings Advisory Services providing trading advisory services in Equity, Derivatives and Commodity. He provides advisory services to large number of retail as well as Institutional Investors and traders and His advisory services giving back support to various broking houses and product support in Stock Futures, Commodity Tips to Dalal Street Investment Journal (dsij) since May 2012. He is also having good command in elliot wave theory his articles have also been published in various financial websites and he is also contributing daily news letter on equity market, which were published in Indian notes website. He also made a guest appearance in various workshops which were conducted on stock market awareness http://www.charanwings.com

Author Bio: Mr. Kiran Kumar Reddy, Technical Analyst and Founder of Charanwings Advisory Services providing trading advisory services in Equity, Derivatives and Commodity. He provides advisory services to large number of retail as well as Institutional Investors and traders and His advisory services giving back support to various broking houses and product support in Stock Futures, Commodity Tips to Dalal Street Investment Journal (dsij) since May 2012. He is also having good command in elliot wave theory his articles have also been published in various financial websites and he is also contributing daily news letter on equity market, which were published in Indian notes website. He also made a guest appearance in various workshops which were conducted on stock market awareness http://www.charanwings.com

Category: Finances
Keywords: Intraday Tips,Stock Market Tips,Stock Trading Tips,Futures Trading Tips,Options Trading Tips