Market outlook for 11/11/09

Yesterday’s trading shows that nifty faced resistance at 4930 zone and lost some ground before close at nifty 4982 -16 points.

• FII data more buys in cash, stocks futures and index futures.
• F&O nifty futures sheds open interest.
• Option writings: more call writing at 4900 and puts shedding at 4900 puts.
• US markets are flat.
• Global markets are flat to positive.
• SGX nifty positive.

Over all view: As seen from FII data more longs are being added by them means this correction is only temporary one. The final journey as expected is to long side. Else, the signals in F&O should be seen in today's trading.

NIFTY Technical
Current Spot: 4881.70
Pivot: 4896.50
3DEMA: 4856
7DEMA: 4822
100DEMA: 4735
RSI (14 days): 50.53
Supports: 4845 - 4809
Resistance: 4933 - 4984

Target Nifty
Buy Nifty above 4905 - 4914 - 4932 - 4958 - 4984 - 5002 SL - 4883
Sell Nifty below 4870 - 4845 - 4927 - 4808 - 4783 - 4757 SL - 4897
Buy Bank Nifty above 9195 - 9218 - 9243 - 9280 - 9313 SL - 9173

Stock Ideas for the Day
Reliance Industries: Sell below 2043 for targets of 2035, 2010 SL of 2056
Educomp: Buy above 750, for targets of 766.40, 780.30 SL - 741
GVK Power: Buy above 50.50, for targets of 52.40, 54.30 SL - 48.50
Shrenuj: Buy above 35.60, for targets of 36.40, 37.30 SL - 35
Eastern Silk: Buy above 14.90, for targets of 15.40, 16.30 SL - 14
MTNL: Buy above 73.50, for targets of 75.40, 76.90 SL – 71.90

Positional Call
Kothari Petrochemicals Ltd (Short term target - 15)
EMCO Ltd. (Short term target – 95)

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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