Outlook of Indian Stock Market for 23rd May, 2017

Daily trend of Nifty is Up. Trend of Nifty had come in uptrend again on 24th April, 2017. Cash stocks have been the laggards for last two trading sessions which is pulling the markets down. Only Nifty is in uptrend. If you observed yesterday that we removed the line of percentage stocks above 50% as that had come below 50% so we suggested to liquidate and profit take in cash stocks. Nifty would be formally put in downtrend when it closes below 9300 spot levels which is its important support now.(Someone sent an email that markets always come up after falling so what is the use of selling cash stocks, well, the answer depends on you and your risk taking capacity, here we strictly follow technical parameters and that has nothing to do with fundamental analysis. Both have their own plus and minus and in a one side bull run, it is always the fundamentals win whereas in a bear run, it is the technical). ______________________________________________________________________________________ Percentage of stocks came below 50% on Friday 20th May, 2017 , so the readers may not create long positions in cash market till the percentage of stocks above support remains less than 50%. Strong Futures This is list of 10 Strong Futures: ITC, Motherson Sumi,BHARTI INFRATEL, Hindustan Unilever, PIRAMAL ENTERPRISES, Hexaware Technologie, MARICO, CEAT, Bharti Airtel and Hero MotoCorp Weak Futures This is list of 10 Weak Futures: Glenmark Pharma, Bank of India, IDBI BANK, IFCI, STRIDES SHASUN, Bajaj Finserv, GUJARAT STATE FERT,Kirloskar Cummins, Jet Airways (India) and Punjab National Bank ------------------------------------------------------------------------------------------------------------------------------------- Free Letter Disclaimer Disclaimer: crnindia.com does not warrant or make any representations regarding the use or the results of the use of the materials in this site or other sources in terms of their correctness, accuracy, reliability, profit, or otherwise. crnindia.com does not guarantee the accuracy or completeness of any information and is not responsible for any omissions. crnindia.com clearly states that it has no financial liability whatsoever to any user on account of the use of information provided on the website or email.