Daily Stock Traders Guide 23112011 by icestar


Daily Stock Trader’s Guide                                                                                                                                                                                                 Nov 23, 2011
                                                                                                                                                                                               US stock markets traded choppily on Tues-
                                                                                                                                                                                               day, with the Dow Jones Industrial Average
                                                                                                                                                                                               squeezed by a sharp downward revision to
                                                                                                                                                                                               US growth figures and lingering political
                                                                                                                                                                                               concerns in Washington and Europe. The
                                                                                                                                                                                               Dow was down 0.46% at close. ASDAQ was
                                                                                                                                                                                               down 0.07% & the S&P 500 was down
                                                                                                                                                                                               0.41%. Oil prices were pushed higher by the
                                                                                                                                                                                               announcement of US, British & Canadian
                                                                                                                                                                                               sanctions against Iran's central bank & pet-
                                                                                                                                                                                               rochemical sector. European stocks have
                                                                                                                                                                                               closed lower as weaker-than-expected US
                                                                                                                                                                                               growth data wiped modest opening gains
                                                                                                                                                                                               made in a technical bounce after sustained
Nifty was up by 0.71% to close at 4812 breaking 8 day losing stint. 1.04 gainers outpaced every loser. Global stock mar-
kets show some gains though respite from worries over U.S. & European debt looked temporary. MSCI's Asia except
                                                                                                                                                                                               losses due to the eurozone debt crisis. Early
Japan was up 0.21 %. FFI’s have sold more than $300 million worth of shares over last week, reducing net inflows in 2011                                                                       rebound was expected after recent heavy
to just under $400 million, sharply below record inflows of over $29 billion received in 2010. Sharply weaker rupee hitting a                                                                  losses & the markets were quick to go into
low of Rs 52.73 impacted sentiment, already weighed by faltering economic & corporate growth. Nifty in last 9 trading                                                                          reverse when revised data showed the US
session fell by massive 477 point or 19.9%% in last 365 days. Nifty is one of the worst performing markets in the world.                                                                       economy grew 2% in 3Q, not 2.5% as first
Investors shied away amid concerns on, Euro Debt Issue, failure of debt reduction in US, our high interest rates & slowing                                                                     given. But on closer reading the data was
economic growth. Downgrading of India's growth forecast for the year to March 2013 to 7.2 to 6.9% has started. 2Q num-                                                                         more positive. A very sharp spike in Spanish
bers were impacted due to higher borrowing & input costs, & slowing demand. TELCO led the gains, up 6.8%, while Ma-                                                                            short term borrowing costs at the first cash
ruti climbed 1.75%. Auto index, which had fallen 11.3% in Nov, added 1.08%. Short covering was seen in HDFC rising                                                                             raising exercise by the new government
2.3%, while ICICI & SBI rose 1.9% & 1.03% respectively. Banking index, which has fallen 13.7% in this month, rose                                                                              were an unwelcome reminder of how the
0.55%. RIL rose 1.13% & Infosys jumped up 2%. Technically speaking market is still below all moving averages. Oscilla-                                                                         crisis will not let up. News that a US special
tors are in negative zone implying short-term is down. Weekly oscillators hinting further bearishness in medium-term.                                                                          committee failed to come up with bipartisan
Upper Bollinger band & 200 DMA at 5366 is acting as big resistance. Now the market is back to the lower Bollinger & that                                                                       measures to tackle the US debt mountain
will provide support in the coming days. RSI is also in oversold region & that can provide some support. Fibonacci Projec-                                                                     added to the negative tone. EU leaders were
tion shows vital levels is 4785 (around which Nifty got support on 21st Nov & rebounded yesterday ) was as a break of this                                                                     meanwhile meeting in Brussels to try to
will targets 4187. On last Friday Nifty recovered by 68 points from intra day low on short covering but couldn’t continue                                                                      resolve the relentless debt crisis now threat-
momentum on Monday & fell. Nifty breached its key support at 5196 & remain below it during last 8 trading session &                                                                            ening big nations such as France. FTSE-100
continued its down-move further penetrating other supports at 5065 (50 SMA) & 4987. Yesterday it breached support                                                                              closed down 0.30%. In Paris, the CAC-40
zone between 4800-50. Nifty on Monday broke thru important 4811 & hit a low of 4765. Supports now are at 4782, 4765,                                                                           dropped 0.84% & in Frankfurt the DAX 30
4750, 4720, 4700, 4636 & 4573. As Nifty is reversing lower from trend-deciding level of 5400, it may now test its important
                                                                                                                                                                                               shed 1.22%. Itlay was down 1.54%. Mean-
support at 4720. Above 4850 it can now move up towards 4987-5000-band & thereafter at 5066– 5100– 5141- 5196–
                                                                                                                                                                                               while euro area economy is rapidly going
5200. Nifty overall trading range is still confined to 4720-5400. It looks that began from 6338 top is continuing & is on road
                                                                                                                                                                                               into reverse & the incentives for Italian,
to 4720, year low & thereafter even lower towards 4400 & 4187. Nifty if at all wants to regain its pride, it has to move &
close above 5200. No bottom fishing. Market is likely to open in red today. Trade with caution & proper stop loss.                                                                             Spanish & even French bondholders to
                                                                                                                                                                                               maintain their exposures will diminish fur-
                                                                                                                                                                                               ther. Asian markets traded mixed. Tokyo fell
Performance Nov 22                                                                        SCORE 5/5                               Spot NIFTY Movement                                          0.40%, Sydney dropped 0.72% & Shanghai
        ICICIBNK                             2nd UTR ACHIEVED                                    NIFTY 50                                High                           4854                   slipped 0.10% but Hong Kong rose 0.14%.

       JSWSTEEL                               1st LTR ACHIEVED                                 ADVANCE 32                                Low                            4782                   TODAY: Nikkei is down 0.4%; Hang Seng
                                                                                                                                                                                               fell by 2%; China is down by 0.68%; Aus-
          TELCO                              3rd UTR ACHIEVED                                    DECLINE 18                             Close                     4812 (-34)                   tralia is down by 1.51%. SGX Nifty is
                                                                                                                                                                                               trading down by 51 points at 8.15 IST.
           TISCO                             3rd UTR ACHIEVED                                  LAST 30 DAYS                      Last 9 Days                            - 477
             TCS                             1st UTR ACHIEVED                                         - 5.61 %                 Nse Cash T/O                         6276 Cr.

DAY TRADE RECOMMENDATION FOR TO-DAY                                                       Supports & resistances levels likely to act within a +/- 5 points
        STOCK                        LOWER TARGET (LTR)                                   Stop LOSS Sell BELOW No Trading Zone Buy ABOVE Stop LOSS                                                              UPPER TARGET (UTR)

          ACC                     1088/1095/1102/1110                                        1143                     1120                   1120-1152                           1152              1142       1160/11691177/1185
   AXISBANK                               912/18/25/931                                        948                     936                      936-960                            960              947            968/75/82/990
        CAIRN                         273/80/84/87/290                                         301                     293                      293-305                            305              300         309/12/16/20/324
         HDFC                     607/612/616/620/626                                          638                     630                      630-646                            646              637         650/56/60/64/668
 TATAMOTO                              157/160/163/165                                         173                     168                      168-177                            177              172         179/82/85/88/191
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