Equity Market Trading Tips & Report 31 May 2012
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Equity Market Trading Tips & Report 31 May 2012

Mumbai : India | May 31, 2012 at 10:55 PM PDT
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Equity Market Report & Tips

The Equity market NIFTY opened with a negative gap on the back of weak global cues and traded sideways for initial hours. Later on Equity Market Nifty filled up the declining gap with the highs of 4982. At the end stock market index shaded its gain and closed at 4950 levels, after recording lows of 4945.

Today stock market index traded between the ranges of two short term moving average (as shown in the chart). The stock market index has taken support of near term moving average and managed to close above that. Going forward trading below 4938 levels nifty has immediate support at 4900 levels. If equity market nifty closes below 4890 levels then further it could plummet to the levels of 4820 / 4768.

On the upside stock market index has resistance in the range of 4985—5000 levels. Sustenance above 5000 levels, nifty would head towards 5070 followed by 5112 levels.

Top Equity Market Stocks To Watch For :

ICICI BANK STOCK CMP—RS 817.25

The Share Price of ICICI BANK has witnessed a pullback after falling from the highs of RS998. Today the stock has taken resistance from its declining trend line and closed below the near term moving average. Another point to be noted is that the stock has formed a three bar reversal (evening star pattern), indicating stock to fall further. The momentum indicator is also in declining mode.

We recommend Sell at current level with a stop loss placed above RS845.20 levels for targets of RS 780 / RS765 / RS750.

Orchid Chem. Ltd. STOCK CMP— RS 120.40

The share price of Orchid Chem. Ltd. appears to have taken a form of a bearish head & shoulder pattern on its weekly chart. The pattern would be confirmed once it breaks below its neckline support placed below the RS120 levels. Once the breakdown is confirmed the share price is likely to decline towards the levels of RS114 / RS110 /RS106 levels in the near term.

We recommend a sell below RS119.50 with a stop loss placed above RS125.

For more details visit our website stock tips or call on 02267415443

Preeti Mishra is based in Mumbai, Maharashtra, India, and is a Stringer for Allvoices.
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