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Markets Indecisive …

Monday, April 30, 2012

NSE India : S&P CNX Nifty — Daily Market Report for: Monday (April 30, 2012) By Dominic Rebello

Review of the Previous day:    
The Nifty rose marginally on Saturday (April 28, 2012) a net 18.40 points (0.35%) and closed at the 5209 point level. The market opened up with a gap at the 5209 points level. It then declined and registered the day’s low at the 5196 points level at 11.23 a.m. It then rose steadily and registered the day’s high at the 5216 points level at 12.44 p.m. and then turned into a range bound movement until closing at the day. The index remained above its previous close throughout the session, moved in a range of 20 points and closed above the psychologically important 5200 points level. Sentiment was bullish and amongst the 50 Nifty stocks 44 were gainers, while 6 stocks closed in the red. All the sectoral indices closed in the green.
Technical Analysis:   
Volumes (Qty shares) were comparatively lower as the special trading session was just for 2 hours.    
Market Breadth:   
Overall Market Breadth on the NSE was positive. Amongst all the traded stocks, 918 were gainers, 732 were losers and 83 remained unchanged.   
Slow Stochastic Indicator:   
The Slow Stochastic Oscillator has risen and has exited the over-sold zone.    
The Slow K line in the Stochastic Oscillator is above the slow D line (positive if it continues).    

RSI Indicator:   
The RSI is above the 40 level and is now rising (positive if it continues).    
MACD Indicator:   
The MACD is below zero and is declining (negative if it continues). It is below its 9-day Average (negative).   
ADX Indicator & DI Lines:   
The +DI line is below the –DI line but both lines are converging (positive if it continues).    
The ADX is rising while the Market Index is rising, which indicates that the present up trend is increasing in strength.    
Moving Averages (Trend Indicators)   
The index:

Has crossed above its 5-day average (at 5202) Positive.
Is below its 15-day average (at 5240) Negative.
Is below its 25-day average (at 5248) Negative.
Is above its 200-day average (at 5125) Positive.
Overall Market Strength/Weakness:   
The indicators and oscillators discussed here are indicating a weak market but with a neutral bias.   
Support Levels:   
For short-term traders the immediate main support is at 4920 marked as S1.
The next support is at 4724 marked as S2.   
Resistance Levels    
The immediate main resistance is at 5743 marked as R1.
The next resistance is at 5919 marked as R2.   
Pivot Point Analysis:   
For intra-day traders the support and resistance levels are calculated according to the pivot point theory and are:
Pivot point = 5207 (This is the level where the trend is likely to change during intra-day).
Support (1) = 5198.
Support (2) = 5187.
Resistance (1) = 5218.
Resistance (2) = 5227.

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