Intraday Nifty Stock opened with a negative gap of 10-12 points on negative cues from global markets & declined sharply as soon as the results of IT major Infosys were announced. Nifty touched an intra day low of 5806 by mid day & remained stagnant in a tight range of 30-35 points for rest of the day before closing at 5824 about 86 points below the previous close.
As far as, extreme short term charts are concerned, Nifty after rising sharply from 5735 to 5927 (rise of nearly 190 points from intra day low) had entered deeply overbought zones setting a target of 5880 & 5825 towards the corrective decline.
Intraday Nifty Stock touched both these targets on Infosys results which were not upto market expectations & also due to resignation of one of the important executive of Infosys. In the present setup Nifty is deeply oversold & ripe for technical recovery to 5845 & 5876 which is likely to be achieved soon. Although the sentiments have been adversely affected due to Infosys results but there are many stocks which are in favor of technical recovery.
Sector wise, most of the stocks like U flex, Balaji Tele, Timken, C Mahindra, Everonn, ITI Ltd., Arvind Mills, HMT, Hero Honda, Edserve, Amtek India etc. were among the top gainers of the day, to close in positive territory whereas stocks like Kwality, Infosys, Wipro, 3I Infotech, Siemens, Mastek, KRBL, ARSS Infra, Rolta etc. attracted profit booking at higher levels & closed in red territory. As far as, A/D data is concerned it was in favor of bears in the ratio of 5:9 with 528 advances & 921 declines during the day.
In nutshell, Nifty, after rising by nearly 190 points on 13th April had entered overbought zones with multiple negative divergences in various momentum oscillators which initiated corrective decline to expected levels of 5880 & 5825 with both these targets achieved & Nifty in oversold zones, there is a possibility that Nifty can try to touch 5845 & 5875 in near term. On the bearish side, decisive close below 5775 will put Nifty in intermediate down trend.
The best strategy is to concentrate on select media, PSUs, housing, metal & banking stocks for quick gains in short term.
Astrological Outlook for the Week (18th April 2011 - 22nd April 2011)
Current Planetary Position - Astrologically, in Transit, Sun (In Ashvani Constellation, ruled by inimical Ketu) has entered Aries where it is Exalted, 5 Planets i.e.Jupiter (Direct) (In Revati Constellation, ruled by inimical Mercury) in own sign with Mercury (In Revati Constellation, ruled by Mercury herself), Mars (In n Revati Constellation, ruled by inimical Mercury), Venus (in P.Bhadrapad Constellation ruled by Nuetral Jupiter) and Uranus (Direct) are placed in Pisces. Retrograde and Debilitated Ketu is placed in Gemini.
Categories:
best-stock-tips-for-intraday
