Market outlook for 14/10/09

12-10-09 trading shows that the markets took support on the long term support line i.e., nifty 4930 and bounced back to rise. Nifty closed at 5054 +109 points.

• FII data more buying in cash, index futures, and stocks futures.
• F&O data nifty futures reduced o i means strength not added for blind bull run. options writings shows more put writings and buy back of calls shows bullishness.
• US markets are flat means weakness.
• Global cues are in green but weak.
• SGX nifty positive.

Over all view: As the markets took support on the trend line it is now expected there wil be some bull run may be up to nifty 5220. Rising wedge resistance line is at that zone. Then if markets turn down we will see it later.

NIFTY Technical
Current Spot: 5054.25
Pivot: 5022.55
3DEMA: 5015
7DEMA: 5008
Supports: 4977 - 4900
Resistance: 5099 - 5145

Target Nifty
Buy Nifty above 5061 - 5099 - 5122 - 5145 SL - 5030
Sell Nifty below 5000 - 4977 - 4938 - 4899 SL – 5025

Stock Ideas for the Day
Titagarh Steel: Buy above 9 for targets of 9.30 and 10 SL of 8.70
Ackruti City: Buy above 525 for targets of 529 and 535 SL of 519
Reliance: Buy above 2166 for targets of 2190 and 2213 SL – 2153
Aban: Buy above 1630 for targets of 1645 and 1660 SL – 1617
DishTV: Buy above 46.5 for targets of 47 and 48 SL – 45.5

Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.

Thanks and Regards

S&P Wealth Creators

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Disclaimer
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