AUTOMATED TRADING

AUTOMATED TRADING

10 April 2012

NIFTY X-RAY REPORT FOR 11 APRIL


 NIFTY X-RAY REPORT FOR 11 APRIL
The Sensex closed at 17244, up 22 points from its previous close, and the Nifty shut shop at 5244, up 9 points. The CNX Midcap index closed with 0.4% loss while the BSE Smallcap index was down 0.1% in today's trade. The market breadth was negative with advances at 624 against declines of 780 on the NSE. The top Nifty gainers were Tata Power, Reliance Communications, Tata Motors and Kotak Mahindra Bank while the biggest losers included BHEL, Ambuja Cements, Ranbaxy and GAIL.
A volatile session is expected ahead. 5200 call added 272550 contracts in open interest and 5200 put added 444450 contracts in open interest. 5100 put added 252450 contracts in open interest, indicating distribution at this level  around 5200. Market can turn violent any time at current situation. 5135 zone will act as a strong support zone. Nifty future open interest decreased by 2.36% Indicating less interest in short by smart money.  Around 5150 levels nifty is attractive to buy with  strict stoploss at 5110 level.
Slow stochastic indicator has fallen sharply while has not fall today, that’s indicating nifty is ready to come in oversold zone very soon.
Need to be cautious at this level. Only intraday trading is advisable for some days.

INTRAY DAY SUPPORT AND RESISTANCE LEVEL  
Resistance 1     Resistance 2     Resistance 3     Resistance 4     Resistance 5
5274.39              5292.56              5310.76              5329                 5347.26
Support 1         Support 2            Support 3           Support 4         Support 5
5220.06             5202.01              5184                    5166.01            5148.06
                                                                                                            
Recommendation:
Buy at / above: 5256.25   Targets: 5271.75 - 5289.91 - 5308.11 - 5326.33
Stoploss : 5238.14
Sell at / below: 5238.14   Targets: 5222.67 - 5204.61 - 5186.59 - 5168.59
Stoploss : 5256.25
 
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