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Afternoon Newspaper : Daily Market Report for Tuesday (November 10,2009)
NSE India : Afternoon Newspaper : Daily Market Report for Tuesday
(November 10, 2009)
Reversal pattern visible.
By Dominic Rebello
Review of the Previous day: The Nifty rose substantially on Monday
(November 09, 2009) a net 102.25 points (2.13%) and closed at 4898
point level. The market opened up on strong Asian cues and then turned
down and continued so until 11:43 a.m. when it reached its day low at
4789 points. Then it rose until closing near the day high. The market
moved in a range of 115 points. The Nifty has risen for the fourth
consecutive session, confirming a four day reversal pattern. Sentiment
was extremely bullish and amongst the 50 Nifty stocks, 44 were
gainers, while just 06 were losers. Heavy buying was witnessed in
Metal, realty, capital goods, auto, power, oil & gas and technology
Volume: (Qty shares) decreased 12.86%. This change is moderate and
indicates a moderate participation by investors.
Market Breadth: Overall Market Breadth on the NSE was positive.
Amongst all the traded stocks, 1015 were gainers, 279 were losers and
25 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 falling
while the Market Index is rising, which indicates that the present up
trend is decreasing in strength.
Moving Averages (Trend Indicators)
Is above its 5-day average (at 4746) Positive.
Has risen above its 15-day average (at 4876) Positive.
Is below its 25-day average (at 4944) Negative.
Is above its 200-day average (at 3981) Positive.
Overall Market Strength/Weakness: The indicators and oscillators
discussed here are indicating a strong market 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 = 4865 (This is the level where the trend is likely to
change during intra-day).
Support (1) = 4824.
Support (2) = 4749.
Resistance (1) = 4939.
Resistance (2) = 4980.
*(For support and resistance levels all F&O stocks refer to the
Outlook for Today: On Japanese candlestick patterns the index has
formed a fourth consecutive white body candle. In fact, yesterday's
candle is almost like a white body Marubozu candle. (A White Marubozu
forms when the open equals the low and the close equals the high).
Further, the body of this candle is above and outside the body of the
previous white body candle indicating a range expansion and
Moreover, the index has risen above its 15 day’s moving average. This
is also positive and confirms a reversal pattern. The index is now
above its 5, 15 and 200 day’s moving averages. The velocity parameters
are also positively trended. All these indicate a positive bias and
the possibility of a further up move unfolding.
Investors are advised to hold long positions.
Work with strict stop losses on all positions.
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