Market Outlook 20 May 2010 and Calls

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Nifty (4919.65) – Hammer Low broken


Finally Nifty has broken strong support of hammer low of 4966 and also broken 200 days SMA support of 4989 but important point to note here is that still 200 Days EMA is intact, which is placed at 4897 levels and this will work as strong support on closing basis. More on bear side, on weekly chart also there is a dead crossover of moving averages. More over nifty has also broken six month old trend line support on daily chart. Intraday support placed at 4897-4850 levels and intraday Resistance placed at 4952-4972 levels.

Bank of Baroda (675.40) 


Stock is trading below “Rising Wedge “pattern since last three days which suggests bearish out come for the stock. Short term moving averages are also increasing downward gap more over Daily momentum indicators are also entered in negative territory. Looking at all above technical evidence we are expecting that stock is poise to fall up to 653 and stock has minor support at 672 once it breaks down then we may see good round of selling on this counter. Sell below Rs.672 Stop Loss Rs. 682  Target Rs.653.        


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