The Afternoon Newspaper : Daily Market Report for Friday (Oct 23, 2009)

NSE India : S&P CNX Nifty

 The Afternoon Newspaper : Daily Market Report for:Friday (Oct 23,
2009)
(Based on the activity of the previous trading day)

By Dominic Rebello



Review of the Previous day: The Nifty fell substantially on Thursday
(October 22, 2009) a net 75.00 points (1.48%) and closed at 4988 point
level. The market opened flat, then turned down and continued so until
03:05 p.m. when it reached its day low at 4968 points. Then it rose
and turned into a range bound movement until closing at the day. The
market moved in a range of 96 points. Sentiment was bearish and
amongst the 50 Nifty stocks, 10 were gainers and 40 were losers. Heavy
selling was witnessed in realty, capital goods, banking, power, auto
and metal stocks.


Technical Analysis:

Volume: (Qty shares) decreased 10.02%. This change is moderate and
indicates a moderate participation by investors.

Market Breadth: Overall Market Breadth on the NSE was negative.
Amongst all the traded stocks, 321 were gainers, 954 were losers and
28 remained unchanged.

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

 RSI Indicator: The RSI is above the 40 level but is now declining
(negative if it continues).

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

 ADX Indicator & DI Lines: The +DI line is below the =96DI line and both
lines are diverging (negative if it continues). The ADX is falling
while the Market Index is falling, which indicates that the present
down trend is decreasing in strength.

Moving Averages (Trend Indicators)

The index:

Is below its 5-day average (at 5090) Negative.

Has dropped below its 15-day average (at 5057) Negative.

Has dropped below its 25-day average (at 5016) Negative.

Is above its 200-day average (at 3880) Positive.

All the four averages are positively trended. Positive.

Overall Market Strength/Weakness: The indicators and oscillators
discussed here are indicating a weak market with a negative bias.

Support Levels: For short-term traders the immediate main support is
at 4672 marked as S1 (blue line below the Index). The next support is
at 4394 marked as S2 (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 are:

Pivot point =3D 5007 (This is the level where the trend is likely to
change during intra-day).

Support (1) =3D 4950.

Support (2) =3D 4911.

Resistance (1) =3D 5046.

Resistance (2) =3D 5103.

(For Intra-day support and resistance levels for all F&O scrips refer
to the Afternoon Newspaper)

Outlook for Today: On Japanese candlestick patterns the index has
formed a third consecutive black body candle. The body of this candle
is below and outside the body of the previous black body candle.
Further, the index has dropped below its 15 and 25 day=92s moving
averages in a single day. This is extremely negative. Moreover, the
velocity parameters are also negatively trended. All these indicate a
negative bias and the possibility of a further decline unfolding.

Investors are advised to avoid buying at current levels.


Work with strict stop losses on all positions.
0
sahijwala (34)
10/23/2009 3:31:28 AM
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