NIFTY OUTLOOK

Nifty today was positive throughout and closed above all Technical Averages

but just Below

Day HEMA

which confirms selling at higher levels.

RSI is showing an uptick moving towards overbought level,

Stochastic has also given a negative crossover and trending downwards,

and the volumes good today.

Nifty is still trading above the trend line support at 5355,

break of this trend line will take Nifty to 5320 and below,

the resistance comes at Day HEMA at 5410,

close above will add to the momentum to take nifty higher to 5450 and above.

Nifty Future made a high near 5412 twice,

but could not cross the hurdle of 5420.

All said, weakness in last one hour yesterday, was forgotten and

once again it is keeping my hopes alive that Nifty Future will cross the hurdle of 5420 and 5450 soon.

Steel sector closed firm and could take the lead tomorrow and will be supported by

Reliance if it is able to move above 1071 and 1085.

TRADE THE RANGE TILL THEN

.

Current Spot: 5399.35

Pivot: 5396

3DEMA: 5388

7DEMA: 5377

20DEMA: 5327

50DEMA: 5253

RSI (7 days): 64.37

Parabolic SAR: 5310

Supports: 5383 - 5367

Resistance: 5412 - 5425

STOCK SPECIFIC ACTIONS WITH CHOPPY

TRADING WE EXPECT FOR

NEXT TWO DAYS.

OUT PERFORMERS FOR 22/07/2010

-------------------------------

MID-CAP IT, MEDIA AND BROKING FIRMS.

UNDER PERFORMERS FOR 22/07/2010

--------------------------------

EXPORT, SHIPPING, FMCG, AND CAPITAL GOODS.

Target Nifty

Buy Nifty above 5410 - 5415 - 5430 - 5450 SL - 5395

Sell Nifty below 5388 - 5381 - 5366 - 5351 SL - 5400

MY POSSIBLE RANGE OF NIFTY EXPECTED

1) 5380 -> 5290/5200 -> 5500.

2) 5380 holds -> 5400 -> 5440 -> 5500.

...