Trading ideas for 28/07/2011

Trading ideas for 28/07/2011(Thursday)

Nifty took support at 50SMA but went below that once and looks very week without any buyers expect the buyers at the finish whch is almost intra short covering

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FII DERIVATIVES
Index Future	Index Option	Stock Future	Stock Index
-665	+55	-700	+26
FII Cash	12
DII Cash	-0

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India VIX : 18.25 down by 1.05 points
Call OI : 47824450
Put OI : 42293850
PCR : 0.884
SMR : 20.64

5DEMA: 5586
10DEMA: 5591
20DEMA: 5581
50DEMA: 5571
RSI (15 days): 47.83

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Intraday support and resistance:

S2	S1	Pivot	R1	R2
5480	5510	5555	5575	5615

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Weekly support and resistance:

S2	S1	Pivot	R1	R2
5490	5560	5605	5675	5715

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Nifty Open Interest for July stands at 1,30,74,900 down by 23,88,500 with decrease in price (100% Rolled Over and Huge Short Build-up in August Series)

Bank Nifty Open Interest for July stands at 6,33,875 down by 1,62,950 with decrease in price (100% Rolled Over and Huge Short Build-up in August Series)

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For 28/07/11 NF may take support at 5530

Above 5530 NF may rally up to 5580

Below 5530 NF may correct up to 5470

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NIFTY LEVELS

Nifty future's projected high and low for next session is 5580 and 5460 (use this projection with other indicators). Nifty future's immediate support now comes around 5520 zone. If sustains that zone then it will towards 5550 zone. Crossover and sustenance above 5550 will show buying to 5600 level itself. But if cannot sustain above 5520 level it will again retest 5490 and this time below 5490 a real free fall will be seen which may take Nifty future upto 5450 zone.

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OPTION DATA ANALYSIS

As per OI Table huge call writing was seen at 5500 and 5600 and profit booking was seen at 5500, 5600 and 5700 put. Last few days before the expiry option data changes much and may not give us the complete picture.

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Expected Bullish Stocks For 28/07/2011: ULTRACEMCO, CHAMBLFERT, GITANJALI, MPHASIS,SYNDIBANK.

Expected Bearish Stocks For 28/07/2011: OIL, IOB, BANKBARODA, GAIL, CHENNPETRO.