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Afternoon Newspaper : Daily Market Report for Monday (November 09,2009)



 
 
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Old November 9th 09, 05:46 AM posted to misc.invest.mutual-funds
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Default Afternoon Newspaper : Daily Market Report for Monday (November 09,2009)

Afternoon Newspaper : Daily Market Report for Monday (November 09,
2009)

Markets rise, but reversal pattern needs to be confirmed

By Dominic Rebello

Review of the Previous day: The Nifty rose moderately on Friday
(November 06, 2009) a net 30.60 points (0.64%) and closed at 4796
point level. The market opened up on a strong note following positive
cues from US and Asian markets and continued so until 10:07 a.m. when
it reached its day high at 4836 points. Then it fell and turned into a
range bound movement until closing at the day. The market moved in a
range of 71 points. Sentiment was bullish and amongst the 50 Nifty
stocks, 32 were gainers, while 18 were losers. Heavy buying was
witnessed in banking & financial, metal, realty and oil & gas stocks.

Technical Analysis:

Volume: (Qty shares) decreased 0.48%. This change is small and
indicates a moderate participation by investors.

Market Breadth: Overall Market Breadth on the NSE was Positive.
Amongst all the traded stocks, 1021 were gainers, 263 were losers and
24 remained unchanged.

Slow Stochastic Indicator: The Slow Stochastic Oscillator is in the
neutral zone. The Slow K line in the Stochastic Oscillator is above
the slow D line (positive if it continues).

RSI Indicator:The RSI is above the 40 level and is now rising
(positive if it continues).

MACD Indicator: The MACD is below zero but is rising (positive if it
continues). It is below its 9-day Average (negative).

ADX Indicator & DI Lines: The +DI line is below the –DI line but both
lines are converging (positive if it continues). The ADX is flat while
the Market Index is rising. No signal here.

Moving Averages (Trend Indicators)

The index:

Is above its 5-day average (at 4709) Positive.

Is below its 15-day average (at 4892) Negative.

Is below its 25-day average (at 4952) Negative.

Is above its 200-day average (at 3971) Positive.

Overall Market Strength/Weakness: The indicators and oscillators
discussed here are indicating a neutral market but with a positive
bias.

Support Levels:For short-term traders the immediate main support is at
4394 marked as S1 (blue line below the Index).

Resistance Levels: The immediate main resistance is at 5193 marked as
R1 (red line above the Index). The next resistance is at 5580 marked
as R2 (red line above the Index).

Pivot Point Analysis:

For intra-day traders the support and resistance levels are calculated
according to the pivot point theory and a
Pivot point = 4799 (This is the level where the trend is likely to
change during intra-day).
Support (1) = 4762.
Support (2) = 4728.
Resistance (1) = 4833.
Resistance (2) = 4870.

*(For support and resistance levels all F&O stocks refer to the
Afternoon newspaper)

Outlook for Today: On Japanese candlestick patterns the index has
formed a third consecutive white body candle. Further, the index is
above its 5 and 200 day’s moving averages. Moreover, the velocity
parameters are also positively trended. All these indicate a positive
bias and may be the first signs of a resumption of the uptrend.
But the index continues to remain below its 15 and 25 days moving
averages. A crossover by the index above the 15 days average will
confirm a clear reversal pattern.
Investors are advised to adopt a wait and watch policy until a
confirmed reversal pattern emerges.

Work with strict stop losses on all positions.
 




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