Market outlook for 04/11/09

Yesterday’s trading continued the fall and nifty lost 149 points to close at 4563.

• FII sold in cash, sold in index futures (around 25 lakhs) and bought in stocks futures. (2nd day)
• F&O nifty futures added open interest.
• US markets flat and red.
• Global markets are flat.
• Option writings are showing bearish.
• SGX nifty is positive as of now.
• Levels broken very easily.
• Next support is at 4400-4350.

Over all view: As seen from the open interest addition in nifty futures and FII OI shorts in index futures the market will fall further. Else, the heavy buying in nifty futures is to be observed on intraday basis before a confirmed rise. As of now it is continuation fall.....

Don't try to catch the falling knife.

NIFTY Technical
Current Spot: 4563.90
Pivot: 4610.75
3DEMA: 4663
7DEMA: 4778
100DEMA: 4802
RSI (14 days): 25.00
Supports: 4492 - 4419
Resistance: 4683 - 4802

Target Nifty
Buy NF Above @ 4580 and 4595 Target 4630-470 SSL-4521
Sell NF Below @ 4540 and 4521 Target 4482-4390 SSL-4595

Stock Ideas for the Day
Satyam: Buy above 98.1 for targets of 101, 104 SL of 97
RNRL: Buy above 66.1 for targets of 70, 72 SL of 64.2
Bajaj Auto: Buy above 1410 for targets of 1418, 1430 SL of 1396
Reliance Industries: Buy above 1850 for targets of 1868, 1885 SL of 1936
Cummins India: Buy above 383.80 for targets of 387.50, 391.00 SL of 378.20

Positional Call
Pricol Limited (Short term target - 20)

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

Call 09831497250 or mail us @ S&P Wealth Creators with your Name and Mobile No. for subscription offer of intraday calls during Market hours.

Disclaimer
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