AUTOMATED TRADING

AUTOMATED TRADING

23 April 2012

Negative global cues pull the markets down today with both benchmark indices and all sectoral indices closing deeply in the red. Metal, realty, capital goods and tech were the worst performers in today's session and power and banking, too, lost significantly. ADAG stocks also closed with sharp declines. The Sensex closed at 17097, down 277 points from its previous close, and Nifty shut shop at 5201, down 90 points. The CNX Midcap index was down 1.5% while  the SMALL CAP index, too, lost 1.5% in today's trade. The market breadth was negative with advances at 328 against declines of 1119 on the NSE.
Nifty future closed at 5198.60 (-1.95%) OI decreased by 6.29%. Nifty fell 1.95% and open interest decreased by 6.29% means profit booking seen in short side by smart players. Nifty 5200 CE added 1673300 and 5300 CE added 1761750 contracts in open interest. Nifty 5100 PE added 978300 contracts in open interest. Slow stochastic and RSI indicator turned down on charts. As per option open interest data Nifty may touch 5135-20 within 2-3 days. 5120-5135 will act as a strong support and market may reverse from there.

Recommendation:
Buy at / above: 5230  Targets: 5250- 5265 - 5275
Stoploss : 5205Sell at / below: 5185  Targets: 5168 - 5150 - 5135 - 5112
Stoploss : 5210

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