TATA GLOBAL: Looks like Corrections is over. Try longs at cmp and dips with SL 158. Possible Tgt: 169-74-80
WELCOME
Wednesday, 2 January 2013
BANK NIFTY CHART---->2nd JAN 2013
ANK NION TECH-CARDS…..Trading in rising wedge…Moving towards upper end..
On mid term frame Bank-nifty is clearly in uptrend and has been trading in clear parallel channel since past one odd year.
Short term action too in an uptrend but has formed a rising wedge with negative divergence in overbought region which is a
sign to get cautious and take partial profits on every rise. For extension in current rising action, BN must move above
12800/900 range. Any action above this will only allow BN to test channel’s upper end currently placed near 13600/700
zone. On the other side, resisted action in the range 12500-900 and a move below 11900-12000 can turn the short term
trend down and force BN to test back crucial supports on the downside to keep mid term trend up. On indicators RSI has a
triangular move having support near 50/55 region. Any action below the same will be a negative sign for BN. For now one
must stay away and be watchful on mentioned support resistance ranges.
On mid term frame Bank-nifty is clearly in uptrend and has been trading in clear parallel channel since past one odd year.
Short term action too in an uptrend but has formed a rising wedge with negative divergence in overbought region which is a
sign to get cautious and take partial profits on every rise. For extension in current rising action, BN must move above
12800/900 range. Any action above this will only allow BN to test channel’s upper end currently placed near 13600/700
zone. On the other side, resisted action in the range 12500-900 and a move below 11900-12000 can turn the short term
trend down and force BN to test back crucial supports on the downside to keep mid term trend up. On indicators RSI has a
triangular move having support near 50/55 region. Any action below the same will be a negative sign for BN. For now one
must stay away and be watchful on mentioned support resistance ranges.
BEML--->2nd JAN 2013
View on Chart: As anticipated stock took support near its long term support area and have also started
with expected slow and steady recovery on cards. Now, if it manages to hold above 278/80 mark, then
we can see continuation in upward journey towards 292-304-314 levels.
POLARIS WITH CHART--->2nd JAN 2013
Polaris Bounce from support.. (CMP: 116.65)
Stock chart clearly shows that, stock produced a trading bounce from its support area
and has also broke its trendline resistance, which is an indication of possible pullback in which can be seen on cards in coming days. One can try longs by keeping strict stop loss 112.50. Possible trading
targets could be 123-126.
NIFTY WITH STOCK AND BANKNIFTY VIEW--2nd JAN 2013
Nifty future opened positive and attained 6000 levels in early trade, finally closed up by 0.93% at 6007.
Overall breadth is positive as there were 142 advances vs. 14 declines in F&O segment.
Nifty futures may continue its bullish move further, supports lies at 5960 and 5930.
Banknifty futures seems to have given breakout on upside, further upside may be expected in the index futures. Andhrabank and Syndibank stock futures have witnessed maximum amount of long build-up among banking stocks.
Among major sector indices, Banknifty future closed up by 1.56% while Cnxit closed slightly in green.
Put Call Ratio (Volume) is at 1.02.
Volatility index closed at 13.69 down by around 8.42%.
Overall breadth is positive as there were 142 advances vs. 14 declines in F&O segment.
Nifty futures may continue its bullish move further, supports lies at 5960 and 5930.
Banknifty futures seems to have given breakout on upside, further upside may be expected in the index futures. Andhrabank and Syndibank stock futures have witnessed maximum amount of long build-up among banking stocks.
Among major sector indices, Banknifty future closed up by 1.56% while Cnxit closed slightly in green.
Put Call Ratio (Volume) is at 1.02.
Volatility index closed at 13.69 down by around 8.42%.
NIFTY VIEW --->2ND JAN 2013
Among Nifty options data of Jan series, maximum buildup among call strikes is witnessed at 6000 and 6200 levels. Once 6000 is breached next resistance will be at 6200 levels.
Significant OI build up is witnessed at Nifty 6200 and 6300 call strikes of Jan series.
Among Nifty puts, OI build up is witnessed at 5900 and 6000 levels, while 5600 put strike witnessed writing.
Infrastructure sector closed up by 3.8%, stocks like Gmrinfra, Gvkpil, Irb and Ivrclinfra witnessed long build-up.
Banking sector stocks were major gainers during trade today. Long build up is witnessed in almost all stock futures, which signifies more upside in banknifty.
Havells---->2nd jan 2013
volumes. This close above such neckline level is breakout of an Inverted Head N Shoulder Pattern with
upward target of 45points above such level. Counter trading above 200DMa level too. Now enter on
retracements.
BUY till above 630 Level with Stop below the Support Levels, mentioned below. Book Profit near
resistance zones mentioned, below.
Target will be 642/49/54/62
CURRENCY TECHNICAL--->2 JAN 2013
Currency Headlines
Dollar Weakens as Obama Says Deficit Deal Is Close
The dollar fell against most of its biggest peers as President Barack Obama said Congress is “close” to a deal to protect all but top earners from a tax increase as part of deal to avert the so-called fiscal cliff.
The South Korean won has appreciated the most versus the dollar this quarter, adding 4.4 percent. The Norwegian krone has been the second-biggest gainer, increasing 2.9 percent. The South African rand leads all major currencies this month against the greenback, appreciating 5.1 percent. The White House and congressional negotiators agreed to contours of a budget deal including tax cut extensions, with the remaining sticking point being how to avert automatic federal spending cuts, said an official familiar with the talks.
Canadian Dollar Gains on Optimism U.S. May Reach Deal
Dollar Weakens as Obama Says Deficit Deal Is Close
The dollar fell against most of its biggest peers as President Barack Obama said Congress is “close” to a deal to protect all but top earners from a tax increase as part of deal to avert the so-called fiscal cliff.
The South Korean won has appreciated the most versus the dollar this quarter, adding 4.4 percent. The Norwegian krone has been the second-biggest gainer, increasing 2.9 percent. The South African rand leads all major currencies this month against the greenback, appreciating 5.1 percent. The White House and congressional negotiators agreed to contours of a budget deal including tax cut extensions, with the remaining sticking point being how to avert automatic federal spending cuts, said an official familiar with the talks.
Canadian Dollar Gains on Optimism U.S. May Reach Deal
The Canadian dollar gained for the first time in four days versus its U.S. counterpart as U.S. President Barack Obama said congressional leaders were “close” to a deficit-reduction deal to avoid tipping the nation’s largest trading partner into recession.
Canada’s currency rose against the majority of its 16 most- traded peers as Obama said a deal to avert a recession from legislated austerity measures was “within sight.” The currency had the biggest intraday jump in a month after Bloomberg News reported a tentative accord that would allow taxes to go up on families earning more than $450,000 a year and extend unemployment benefits for one year.
“It looks increasingly like there’s a deal that’s on the table,” David Doyle, a strategist at Macquarie Capital Markets, said by phone from Toronto. “Doubtful it gets voted on by both houses before the day is out, but I think it’ll be constructive that the deal has been agreed to, and I think you’ve seen that across the board, with most risk assets responding positively.”
The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, appreciated 0.5 percent to 99.21 cents per U.S. dollar at 5:11 p.m. in Toronto, its largest intraday gain since Nov. 23. One Canadian dollar buys $1.0080.
TECHNICAL INSIGHT
USD INR (Jan 13 – Expiry)
USDINR is facing selling pressure as it tries to move up. It can be SOLD at higher levels.
Sell near 55.25 SL 55.45 for possible TGT of 55.05/54.80/54.60
EUR INR (Jan 13– Expiry)
Weakness in EURUSD can be felt in EURINR also. It’s prudent to look for rise to sell.
Sell near 73.07 SL 73.21 possible TGT 72.96/72.78
GBP INR (Jan 13 – Expiry)
Pound can also be looked to Sell at higher levels.
Sell near 89.48 SL 89.60 possible TGT 89.25/89.06
Pound can also be looked to Sell at higher levels.
Sell near 89.48 SL 89.60 possible TGT 89.25/89.06
JPY INR (Jan 13 – Expiry)
Yen takes cues from USDINR.
Prudent strategy will be watch for 1st hour of trade, then take position, in direction of USDINR.
Yen takes cues from USDINR.
Prudent strategy will be watch for 1st hour of trade, then take position, in direction of USDINR.
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