Market outlook for 10/11/09

Yesterday's trading shows that the range of 4600-4900 is to be broken on upper side as predicted because of continuous long buildup by FIIs in stocks futures. Nifty closed at 4898 +102 points.

• FII data more buys in cash, index futures and stocks futures (continuous for this month).
• F&O nifty futures added OI.
• All technical indicators are clearly upward. Nifty has to cross bearish retracement levels @4930.
• Option writing also shows bullishness by writing more puts than calls.
• US markets took huge jump by closing above 10200 mark.
• Global cues are +ve.
• SGX nifty +ve.

Over all view: Now the market is at 4930 resistance zone that is to be passed clearly. But, as seen from FII build up in F&O this resistance can be passes very easily. Then one can expect new high in this month with intermediate corrections. As of now no down side expectation beyond 100 point correction.

NIFTY Technical
Current Spot: 4898.40
Pivot: 4864.50
3DEMA: 4830
7DEMA: 4803
100DEMA: 4732
RSI (14 days): 51.6
Supports: 4824 - 4749
Resistance: 4939 - 4980

Target Nifty
Buy Nifty above 4915 - 4939 - 4959 - 4979 - 5017 SL - 4875
Sell Nifty below 4860 - 4844 - 4823 - 4786 - 4749 SL - 4889
Buy Bank Nifty above 9150 - 9230 - 9265 - 9320 - 9390 SL - 9095

Stock Ideas for the Day
MediaWorks: Buy above 277 for targets of 281, 288 SL of 271
Dabur: Buy above 159.25 for targets of 163, 166 SL of 155
Reliance Industries: Buy above 2034 for targets of 2050, 2063 SL of 2005
Tulip: Buy above 974 for targets of 987, 997 SL of 965

Positional Call
Finolex Cables Ltd. (Short term target - 65)

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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