Market Overview And Technical Outlook
Future Outlook: Combining the above two formation it is evident that the high of the Evening star formed on the weekly chart which is at 6111.80 remains major resistance for the indices going forward. The said bearish Evening star pattern will get activated once indices trades and close below 5983 levels. In
such scenario indices is likely to test 5900 – 5834 – 5766 levels. On the upside any move beyond 6111.80 level, would negate the pattern and prices may test 6150 – 6200 levels, which is the upper trendline value of the channel.
Since, Evening Star candlestick is a top reversal pattern, we are of the opinion that as long as 6111.80 is not broken on closing basis, one has to trade with negative bias. Hence, one should adopt cautious approach towards the markets as selling pressure is likely to intensify once indices trades and close below 5980 level
Data Alert From India – NA
Data Alert From Overseas -
* Spanish Unemployment Change at 1.30 pm.
* US Factory Orders m/m at 8:30 pm.
Domestic Stock Specific News –
* Budget Session of Parliament to begin Feb 21; Budget on Feb 28.
* India Jan HSBC manufacturing PMI 53.2 vs 54.7 Dec .
* Oil India offer for sale over-subscribed; govt eyes over 31 bln rupees .
* Bharti Airtel Oct-Dec PAT down 61% QoQ on high cost.
* Maruti Suzuki Jan total sales down 1.1% on yr at 114,205 vehicles .
* BHEL Oct-Dec net profit 11.82 bln rupees vs 14.33 bln.
* REC to lend 37.49 bln rupees for 700 MW Karnataka project .
* Oil minister says defence min OKs 39 offshore projects .
* State-owned oil cos hike jet fuel prices by average 1,400 rupee/kL .
* TVS Motor Oct-Dec PAT down 7.2% on lower two-wheeler sales .
* Videocon plans 87.5-bln-rupee investment in Bengal steel, TV units.
* SC to start final hearing in PNGRB, Indraprastha Gas case Apr 4 .
* Suzlon group to supply 138.6 MW wind turbines to S Africabased co
International News -
* US jobless rate increased to 7.9 percent from 7.8 percent.
The FII’s total buying on 01-02-2013 is Rs 763.28 cr while DII total selling Rs 1088.62 cr.
Open Interest of derivative segment increased to Rs 74619.60 Cr vs Rs 70660.14 Cr.
* FIIs net sellers in index future to the amount of Rs 99.98 Cr and in index options net buyers to the amount of Rs
* Put-Call Ratio at 0.98 vs 0.94. (Bearish).
Future Outlook: Combining the above two formation it is evident that the high of the Evening star formed on the weekly chart which is at 6111.80 remains major resistance for the indices going forward. The said bearish Evening star pattern will get activated once indices trades and close below 5983 levels. In
such scenario indices is likely to test 5900 – 5834 – 5766 levels. On the upside any move beyond 6111.80 level, would negate the pattern and prices may test 6150 – 6200 levels, which is the upper trendline value of the channel.
Since, Evening Star candlestick is a top reversal pattern, we are of the opinion that as long as 6111.80 is not broken on closing basis, one has to trade with negative bias. Hence, one should adopt cautious approach towards the markets as selling pressure is likely to intensify once indices trades and close below 5980 level
Data Alert From India – NA
Data Alert From Overseas -
* Spanish Unemployment Change at 1.30 pm.
* US Factory Orders m/m at 8:30 pm.
Domestic Stock Specific News –
* Budget Session of Parliament to begin Feb 21; Budget on Feb 28.
* India Jan HSBC manufacturing PMI 53.2 vs 54.7 Dec .
* Oil India offer for sale over-subscribed; govt eyes over 31 bln rupees .
* Bharti Airtel Oct-Dec PAT down 61% QoQ on high cost.
* Maruti Suzuki Jan total sales down 1.1% on yr at 114,205 vehicles .
* BHEL Oct-Dec net profit 11.82 bln rupees vs 14.33 bln.
* REC to lend 37.49 bln rupees for 700 MW Karnataka project .
* Oil minister says defence min OKs 39 offshore projects .
* State-owned oil cos hike jet fuel prices by average 1,400 rupee/kL .
* TVS Motor Oct-Dec PAT down 7.2% on lower two-wheeler sales .
* Videocon plans 87.5-bln-rupee investment in Bengal steel, TV units.
* SC to start final hearing in PNGRB, Indraprastha Gas case Apr 4 .
* Suzlon group to supply 138.6 MW wind turbines to S Africabased co
International News -
* US jobless rate increased to 7.9 percent from 7.8 percent.
The FII’s total buying on 01-02-2013 is Rs 763.28 cr while DII total selling Rs 1088.62 cr.
Open Interest of derivative segment increased to Rs 74619.60 Cr vs Rs 70660.14 Cr.
* FIIs net sellers in index future to the amount of Rs 99.98 Cr and in index options net buyers to the amount of Rs
1331.46 Cr.
* Put-Call Ratio at 0.98 vs 0.94. (Bearish).
