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Nifty Daily Outlook For 10th January 2014

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Nifty Daily Outlook For 10th January 2014

  1. 1. NIFTY DAILY OUTLOOK 10th January 2014 SWASTIKA INTELLIGENCE GROUP Daily Nifty Levels Pivot: 6170 R1: 6200 S1: 6130 R2: 6225 S2: 6090 R3: 6260 S3: 6050 MARKET SUMMARY: It was again a lackluster session on Dalal Street amid intraday choppiness. The day was started on flat note and remains change bound for entire trading session in the range of 6160-6190 mark. Advance decline ratio was in the favor of downside where midcap was underperformer. At the end nifty closed at 6168 with cut of 6 points. CHART FORMATION:  Nifty witnessed breakdown of upsloping trendline support and closed below this.  6220 is horizontal resistance for nifty on closing basis for any further upmove. Visit us at: - www.swastika.co.in
  2. 2. NIFTY DAILY OUTLOOK SWASTIKA INTELLIGENCE GROUP 10th January 2014  Nifty has some support around 6140-6125 zone below this 6090/5920 will be next important support levels.  50-day SMA is placed at 6195 while 200-day SMA is placed at 5915 mark. TECHNICAL INDICATORS:  Momentum indicator RSI has slipped below 50 mark while stochastic has entered into oversold territory.  CCI is placed at -100 mark with some positive divergence while MACD witnessed centerline. STRATEGY FOR TRADERS: Nifty is very choppy but short term trend is likely to turn bearish; if nifty trades below 6170 mark then traders are advised to remain in short side for intraday; while 6220 is important resistance for any further upside move. Visit us at: - www.swastika.co.in
  3. 3. NIFTY DAILY OUTLOOK SWASTIKA INTELLIGENCE GROUP Report Prepared by Santosh Meena RESEARCH TEAM Santosh Sahu Amit Khare Vishnu Shreekar Sonakshi Bahety Saloni Gupta 10th January 2014 Designation Derivative & Technical Analyst E-mail ID santosh.meena@swastika.co.in SWASTIKA INTELLIGENCE GROUP Research Head Commodity Analyst Commodity Analyst Research Associate Research Associate research@swastika.co.in Santosh.sahu@swastika.co.in amit.khare@swastika.co.in vishnu.shreekar@swastika.co.in Sonakshi.bahety@swastika.co.in Salony.gupta@swastika.co.in Disclaimer: This document is solely for the personal information of the intended recipient and must not be exceptionally used as the basi s for any investment decision. Nothing in this document should be construed as investment, Legal, taxation or financial advice. Swastika Investmart Ltd. is not soliciting any action based upon it. Each recipient of this document should make necessary investigations as they consider important to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved). This report has been made bas ed on information that we consider reliable and are publicly available but we do not state that it is accurate or complete and it should not be solely relied upon such, as this document is for. Swastika Investmart Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within this document. Swastika Investmart Limited or any of its affiliates/ group companies, or employees shall not be in any way held responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Visit us at: - www.swastika.co.in

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