GBP USD looking stronger for very near term

Data coming in stronger supporting the sterling pound and cable is looking to inch higher towards 1.5700 + mark with strong support beneath 1.5500-1.55300. one should keep in mind these two levels for near term swing trading.

Overall, we are witnessing a weak Euro facing big resistances in the region of 1.3100 and cable pushing ahead towards key stiff resistance levels ahead. Keep close eye on the cable cross pairs now.

M&M a good BTST candidate

M&M trading at 640 appears to be a good BTST with stoploss below 630.

Nifty Market Outlook

www.stoxandmore.com

27^th July, 2010

Email: stoxandmore@gmail.com

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MARKET OUTLOOK :

NIFTY Future (5418) is facing heat amidst RBI policy and important index heavyweight results. As expected we are witnessing slowdown in the index heavyweight results and markets have reacted sharply to them such as Maruti yesterday and we shall continue to see the pattern today and in coming days.

Global cues are at present helping the markets and we should keep an eye on the 5350 as intraday and 5200 as short term support levels respectively while 5460-5480 as intraday & 5580 as short term resistance respectively. For today, keep bias hawkish and trade on key levels with tight stoplosses above or below it.

Indian Markets riding in unchartered territory

Riding on good global cues, Indian Markets are tiding on market fatigue, sea saw results, earning surprises are making indian markets to trade in overbought levels now.

Market Positional Outlook for July Month

If Nifty future is able to hold above the 5400, we could see fresh attempt at new channel of 5500-5800 levels in futures. Consider 5180-5220 as good support levels; break below 5180 will invite fresh bout of selling towards 5050. Investors and Traders should consider at present on being on sidelines and do stock picking on a stock specific and value based approach. Overall, Globally, equity markets look skeptical at present and trades should be done with that appropriate caution. 

PERFORMANCE REPORT

Our Recent Calls Performance

BPCL  zzzoOoOooOOoming

call given  @ 692  3% returns achieved

Lot Size: 500

Profit per Lot is Rs. 9000

SHREE RENUKA SUGAR “Wisely Achieved TGT”

Call given @ 64 10% returns achieved

Lot Size: 2000

Profit per Lot is Rs. 13000

IOB  “Awesome Returns”

Call given  @ Rs.94, Target Achieved

Returns till date 15 %

Lot Size: 4000

Profit per Lot is Rs. 50000

M&M looking real weak……

Mahindra & Mahindra is looking weak on the charts. 620-624 would be its upper trend limit and on the downward channel 596 and 570 should be its support levels. Current Market Price is 610.

Current Market Price : 610

Target Levels: 598,570 with SL 623

Indian Stock Market – Nifty and BSE Sensex Friday Close

The BSE Sensex closed above 17,955 mark and NSE Nifty ended above 5,390 level.
Buying interest across the selective indices in the final hours led the domestic market to close the day's trade on firm note. The up-move was mainly led by gains in IT, Teck, Bankex and FMCG space. After a flat start, the key benchmark Indices traded range bound with negative bias on weak trade in global stocks. A stretch of volatility was witnessed today at the beginning of the trading session as the key benchmark indices slipped into the red. However, the market recovered from lower level in morning trade but moved in a narrow range in mid-morning trade on back of mix global markets. In global market, the Asian stocks traded in mix as a drop in American factory output and weak U.S. regional manufacturing activities fueled concern over the strength of a recovery in the world's biggest economy. Following the Asian markets the European markets also opened in mix. Back home the market continued to remain volatile as the investors have struggled for direction on the back of disappointing IIP report, higher inflation and less-than-expected results from Infosys. However the sentiments across the board boosted following the recovery in some of the Asian markets and the decision by the SEBI to allow physical settlement stock derivatives. Moreover, the statement by Farm Minister Sharad Pawar that the crop output will not be hurt by the week monsoon rains in the recent past also boosted the investors' sentiments to some extent. The overall market breadth was positive, 9 out of 13 sectoral indices ended in green.




Sensex now has next supports situated around 17800 and 17500 and resistance seen around 18200.
Technically, Indian Stock Market- Nifty now has pivot levels around 5369 and then next support will come about 5320 and 5220. Resistance will be seen at 5450 but bias looks mildly bearish. Looking at the averse global cues on Friday, a gap down should be expected on Monday with markets testing the lower supports now. 

Indian ADRs

Name	Last Trade	Change
Infosys Technologies Ltd.	58.31	1.04 (1.75%)
HDFC Bank Ltd.	144.12	4.28 (2.88%)
ICICI Bank Ltd.	37.62	1.10 (2.84%)
Mahanagar Telephone Nigam Ltd.	2.73	0.07 (2.50%)
PATNI COMPUTER SYS	22.64	0.72 (3.08%)
REDIFF.COM INDIA ADS	1.75	0.13 (6.91%)
Satyam Computer Services Ltd.	5.03	0.11 (2.14%)
Tata Motors Ltd.	18.07	0.08 (0.44%)
Wipro Ltd.	12.34	0.56 (4.34%)

US Markets On Friday

The Dow Jones industrial average (INDU) lost 261 points, or 2.5%. The S&P 500 (SPX) index slid 32 points, or 2.9% and the Nasdaq (COMP) composite shed 70 points, or 3.1%. The sell-off wiped out the gains for the week, which had been between 1.7% and 2.3% through Thursday's close.

Market breadth: Breadth was negative. On the New York Stock Exchange, losers beat winners by almost four to one on volume of 1 billion shares. On the NASDAQ, decliners beat advancers 7 to 1 on volume of 1.64 billion shares. Declines were broad based, with all 30 Dow shares falling. Oil and gold prices slumped, dragging down the underlying shares. But financial shares were hit especially hard, with the KBW Bank (BKX) index losing 5.7%. Goldman Sachs shares bucked the trend, rising on news it settled its fraud case with the SEC for a smaller-than-expected $550 million. But any relief about the settlement was tempered by concerns about the financial sector profits.

Technically, US Markets (S&P 500) have tested the resistance zone of 1090-1100, corporate results and the levels now are forcing the index to move back to the earlier levels of 1020. Stance is now mildly bearish for the coming sessions.

Results: A number of big, influential companies reported better than expected earnings but provided some disappointment on the revenue side. Bank of America and GE reported a rise in the second-quarter profit (above estimates) but a fall in the revenue figures along with signs of weakness across several businesses which led investors to dump these shares on Friday. Citigroup reported a fall in the earnings (above estimates) and sales (below estimates) leading to crash of 5% in the stock price. Google reported higher quarterly earnings (below estimates) and higher revenue (above estimates) sending shares 6% lower in Friday trading.

Economy: The University of Michigan's consumer sentiment index fell to 66.5 in July from 76 in late June. Economists surveyed by Briefing.com were expecting it to dip to 74.5. An early report showed that inflation remains tame. The Consumer Price Index (CPI) a measure of inflation at the consumer level fell 0.1% in June, in line with forecasts. CPI fell 0.2% in May. The so-called core CPI, which strips out volatile food and energy prices, rose 0.2% in June, versus forecasts for a rise of 0.1%. CPI rose 0.1% in May.

World markets: European markets fell, with Britain's FTSE 100 down 1%, Germany's DAX off 1.8% and France's CAC 40 down 2.3%. Asian markets ended flat to lower. Japan's Nikkei fell 2.9%, while Hong Kong's Hang Seng and the Shanghai Composite both ended little changed.

Currencies: The euro inched higher versus the dollar after seesawing through the session. The dollar fell versus the Japanese yen.

Commodities: U.S. light crude oil for August delivery fell 82 cents to $76.01 a barrel on the New York Mercantile Exchange. COMEX gold for August delivery lost $15.30 to $1,188.20 an ounce.

Bonds: Treasury prices rose, lowering the yield on the 10-year note to 2.94% from 2.98% late Thursday. The two-year note hit a record low. Debt prices and yields move in opposite directions.

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Stox and More Team (www.stoxandmore.com)

Nifty looking weak !!!!!!!!!!!

On an Intraday basis, Nifty -Nse will face support @ 5370 and 5325 while resistance will be faced around 5450. Bias should be towards the downside and it is better to avoid high beta stocks. Share tips will be provided during the course of the day.

Status of the Positional Call on EUR-USD

In an earlier posting we had recommended to go long on positional basis on the major. 

We had recommended a BUY on EUR-USD at 1.2550         

We also gave in between intraday swing trade for 50 pips. 

Overall, The currency pair has completed the target today with a profit of 350 pips per lot amounting to $ 3500 / Rs.1.6 Lac per lot. 

Indian Stock Market Update: NSE-Nifty(5386) and BSE Sensex (17938)

As expected in our market outlook yesterday, 5450 was expected to be a trend decider point for the coming sessions and we had suspected false breakout situation in global markets. First sign was seen yesterday and if we continue for a day or two, we could return back to our original range of the markets. Overall, for today, sell the markets at higher levels with stoploss above 5450 mark. Support is seen around 5220 and resistance is seen at 5450.

Status of the repeat call on EUR-USD

EUR-USD recommended on the website on an intraday basis in the morning now yielding 70 pips which means $ 700 / Rs.30000+ per lot.

Status of our Positional Call

Status of Our Positional Call – IFCI

We had recommended a BUY on IFCI at Rs.54.5  TP – 59 and SL –51.6       

We have recommended Partial Profit Booking at Rs.58

The stock has made a high of 60 rupees today.

Crude Oil looking to scale up

Crude oil is looking to move up to test its resistance of 78-79 zone. Any small dip should be used to make a long position in it. Support is placed around 74.5 dollars and resistance is seen @ 78 and 79.2 dollars.

EUR-USD 150 PIP MOVEMENT ON THE CARDS

We had advised yesterday around 1.2550 to go long on EUR-USD and the momentum is going to carry the pair towards the next level of 1.2900 with strong support placed around 1.25. Trailing stop loss will be communicated on live basis and looks like we are going to see a complete 350 pip movement in this call and for a fresh entry also a 100-150 pip movement is on the cards. Profit of 3500 Dollars is looking to be booked in a day or two.  

Nifty along with other major indices on a cautious path

Global Indices are now on the path of completing a pull back which had started after couple of days of good correction. To establish the path of a bullish wave in Indian Stock Markets, we have to see a closing above 5450 which would then make us extend the entire movement towards 5900. For today, Nifty Future will have supports at 5375 and 5350 and resistance at 5400 and 5420. If we break either levels on the upside or downside, we shall get a better movement in the day. 

World Cup - Spain lifts the Trophy

After a high tension matchup, Spain won the much elated trophy which makes them now the dual Champions holding both the Euro Championship and World Championship at the same time.

Hot Stock VoltAmp Transformers

Voltamp Transformer which had been our recommendation few weeks back for our portfolio investors has been on a run and looks set that delivery pick is going to give about 20% returns over a time duration of 8 weeks. Stock looks good to continue its breakout run.

BPCL looking hot

Our share tip yesterday which we gave as BTST is moving well from 692 at present trading around 705 at the morning opening nifty bell.

Nifty closing around 5300 mark today on July 8,2010.

Nifty has been trading in very close range of 5220 to 5350. As per what it looks on charts now, this close range should be coming to an end as we proceed towards expiry. Keep a close eye on the 5400 band and on the downside, keep a close watch on 5180-5220 band. Any break below this band will open the gates for shorts towards 5050, the massive support level. Any break on the upside will open up a new channel. For now, be stock specific and watch around the levels closely.
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Stox and More Team

Blog still under evolution

This blog is under the process of construction and evolution. Aim to make an easy to approach platform for all of us.

A close call on the impending correction in the Nifty

As we had commented on the Nifty movement on 25th June, It is slowly grinding down from its top of 5400. Looks like, next week we should have the bears meeting their targets.