Market outlook for 12/11/09

11-11-09 trading continued the run and nifty closed at 5004 +123 points.

• FII data more buys in cash, index futures and stocks futures (a continuous one for this month).
• F&O nifty future added further.
• Option writings: huge addition in put options means very strong bullishness and shedding in call options.
• US markets are Green to flat.
• Global cues are Green to flat.
• SGX nifty is flat to negative.
• Technical indicators are bullish.
• Resistance for nifty as per hourly chart is 5045.

Over all view: As seen from the speed in rise and very huge writings in puts markets are having very high level targets. But, before making a new high market has to correct and that may be within two days to four days. But, the upper levels are intact.

NIFTY Technical
Current Spot: 5003.95
Pivot: 4963.55
3DEMA: 4930
7DEMA: 4868
100DEMA: 4746
RSI (14 days): 57.49
Supports: 4910 - 4817
Resistance: 5057 - 5110

Target Nifty
Buy Nifty above 5025 - 5057 - 5083 - 5110 - 5156 - 5203 SL - 4980
Sell Nifty below 4968 - 4940 - 4912 - 4880 - 4863 - 4830 SL - 4995
Buy Bank Nifty above 9360 - 9420 - 9460 - 9510 - 9570 SL - 9305

Stock Ideas for the Day
Reliance Industries: Buy above 2135 for targets of 2157, 2174 SL of 2100
Reliance Industries: Sell below 2090 for targets of 2080, 2063 SL of 2105
Punj Llyod: Buy above 222, for targets of 225.40, 228.30 SL - 218
TataComm: Buy above 372, for targets of 375, 380 SL - 366
Siyaram’s: Buy above 159, for targets of 162, 166 SL - 154

Positional Call
McDowell Holdings Limited (Short term target- 100)
Ansal Properties Infra Ltd. (Short term target - 82)

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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