Indian Intraday Stock Market shares rose over 1% on Tuesday, snapping a four-day losing streak as blue-chips such as Reliance Industries gained on continued hopes of reforms while a fall in crude oil prices also helped. The Bombay Stock Exchange Sensex closes at 25369 were up by 338 points or rose by 1.35 percent. Nse Nifty Closes at 7581 were rose by 87 points or gained by 1.16 percent BSE Midcap index gained by 1.59 percent whereas the Smallcap index ended 1.64 percent higher in intraday trade.

Sensex Major Resistance on Upside at 25535-25701-25867

Sensex Major Support on Downside at 25080-24791-24625

Trend Deciding Level at 25246

Nifty Index Major Resistance on Upside at 7621-7660-7699

Nifty Index Major Support on Downside at 7514-7446-7407

Trend Deciding Level at 7553

Major Headlines

Bajaj Hindusthan made repayment of FCCBs worth USD 17.7 m due on June 16

Videocon Industries promoter releases pledge on 12.2 lakh shares from June 16-19

Mahindra CIE Auto shareholders approve merger of 5 arms with company

Amtek India block deal: 10 lakh shares exchanged on NSE at Rs 100-100.35/share

UP Sugar Mills write to State on \’Precarious Fin Condition\’

Nifty Indices

The Nifty has bounced back exactly from the lower end of the falling channel which clearly wipes off the dilemma whether it was experiencing an extended correction or a retracement. The lower end of the channel also coincided with the 20-day moving average (DMA), which has acted as a good short-term support in the recent rallies. It is now heading towards the upper end of the falling channel which is pegged at 7630 levels. A close above this channel will get our short-term target. Now 7441 is a very crucial support and till that is not broken bulls shall have an upper hand. We already had our reversal level pegged at 7433, which never got breached in the recent fall. The hourly momentum indicators are well in buy mode again which is an added advantage for the bulls.

The Bank Nifty seems to have completed the wave E of the symmetrical triangular pattern which means that the index should contribute a lot from here on as it has started the wave 5 up. Based on these observations we maintain our bias up and maintain our target and reversal levels.

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

In the daily chart the index is trading above the Twenty-day moving average (DMA) and the Forty-DMA, ie 7500 and 7296 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 7526 and 7543 correspondingly, which are vital intra-day levels. The hourly impetus indicator encompass turned positive.

The market duration was turned positive with 1131 advances and 426 declines, Unchanged 39 Total Issue 1596 on the National Stock Exchange.

Nifty Future Major Resistance on Upside at 7631-7670-7708

Nifty Future Major Support on Downside is at 7540-7488-7449

Trend Deciding Level at 7579

Bank Nifty Major Resistance on Upside at 15431-15517-15603

Bank Nifty Major Support on Downside at 15212-15079-14933

Trend Deciding Level is at 15298

5 Daily Moving Average @ 7536

50 Daily Moving Average @ 7163

200 Daily Moving Average @ 6421

5 Days Relative Strength Index @ 58 and 49 Days Relative Strength Index @ 62 INDICATES NIFTY PLACED IN BULLISH ZONE, WITH BEARISH MOMENT.

Intraday Tips

Buy Nifty Fut Jun Intraday above 7625 sl 7600 Tgt 7645-7670 {Or} Sell Below 7575 sl 7600 Tgt 7555-7530

Buy Bank Nifty Fut Jun Intraday above 15400 sl 15350 Tgt 15450-15500 {Or} Sell Below 15300 sl 15350 Tgt 15250-15200

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

The hair in your head is constantly growing-about 2mm every week. If you don’t cut your hair, it can grow as much as a meter in length, before it falls out, to be replaced by new hair.

Article Source: http://www.charanwings.com/blog/post/Nifty-are-Back-in-Action-and-Intraday-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