Market outlook for 27/10/09

As per previous day's trading nifty closed at 4971 -26 points.

• FII data shows that a small selling in cash markets and balanced trading in F&O.
• Nifty futures net addition over 7 lakhs.
• Option writings are showing a small downward bias but support at 4900 above.
• US markets opened in green, showed steam but lost sharply to close in deep red.
• Global markets are negative.
• SGX nifty negative.

Over all view: Today is event day i.e., RBI credit policy. Previous day all bank stocks were down. As the settlement is very nearer and as seen from very high buildup in 4900 puts markets may not fall below this level but may not cross above 5050. Trading is intraday as per 5 day charts. But, over all international markets are showing loss of steam.

NIFTY Technical
Current Spot: 4970.90
Pivot: 4988.65
3DEMA: 4995
7DEMA: 5028
Supports: 4943 - 4916
Resistance: 5016 - 5061

Target Nifty
Nifty Fut buy above 5011 tgt 5025, 5034, 5048 sl 4982
Nifty Fut sell below 4982 tgt 4974, 4951, 4937 sl 5031

Stock Ideas for the Day
ABIRLANUVO: Buy above 926.6 tgt 933.2, 941.3, 944 sl 916.9.
ABIRLANUVO: Sell Below 916.9 tgt 909.3, 905.2, 898.65 sl 926.6.
DRREDDY: Buy Above 983.7 tgt 990, 998 sl 961.
DRREDDY: Sell Below 961 tgt 953, 950 sl 983.7.
WIPRO: Buy above 596.2 tgt 599.3, 601.7, 605 sl 592.
WIPRO: Sell below 592 tgt 590.7, 587.3, 585 sl 596.2.
IFCI: Buy above 51.90 tgt 52.75, 53.30 SL 50.95
Bata India LTD: Buy above 183.50 tgt 185.50, 186.30 SL 180

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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