Technical Call

Technical Call



Market Review

The markets witnessed huge sell off and ended in deep red. All
the major sectoral indices ended in red, Reality and Auto being
the worst hit. The Nifty closed at 5,312 down 84 points after making
an intra-day high of 5,432 and the Sensex was at 17,775 down 261 points after making an intra-day high of 18,141. The Mid cap and Small cap indices both were down by 2.41% and 3.17% respectively. The breadth of
the market was negative and the total turnover recorded at Rs 1,26,814Cr.
Nifty Feb fut ended with 8 points premium. Nifty Technical outlook for the day Nifty hits seventh month low and closed below 5,350 level while sensex closed below 18K . The 5 DMA at 5,420 will act as an immediate resistance and we need a very strong trigger to surpass the 5,450 mark. The daily chart of Nifty future indicates formation of lower tops and lower bottoms and 5,150 levels might be tested if Nifty closes below 5,275 mark. Strong support for Nifty future at 5,275 and resistance at 5,380

Technical Call:
FORTIS HEALTHCARE (147) – POSITIONAL BUY

Accumulate
on dips, the stock has already outperformed the falling market, look to
buy in the range
of 144-139 range keeping a stop-loss of 135 for a target of 157 – 165.
BANK NIFTY
(10150) – LOOKS VERY WEAK

The trend is very weak as the Index is trading below its very important support of 10380. The index is also trading below its 200-eDMA of 10928 long term view very negative for the banking sector. Next important support seen around 9770 – 9730. Avoid buying into banking stocks.

BPCL FUT (601) – TRADING BUY

Buy with a stop-loss of 587 for a target of 625 – 638.
MOVING AVERAGES (TREND INDICATORS)

5 DAY SIMPLE MOVING AVERAGE 5413
NEGATIVE
20 DAY SIMPLE MOVING AVERAGE
5624 NEGATIVE 200 DAY SIMPLE MOVING AVERAGE
5627 NEGATIVE