Market outlook for 16/11/09

13-11-09 trading show that the markets took support at 4918 on the previous day and continued the upward journey. Nifty closed at 5000 +47 points.

• FII data more buys in cash, stocks futures and index futures.
• F&O nifty future added further means addition of longs.
• Option writing shows that more puts added and calls shed open interest.
• US markets are bullish.
• Global cues are bullish.
• SGX nifty is in green.

Over all view: As seen from FII data and F&O data markets are preparing for upper breakout for creating new highs in this week. If any one wants to buy calls they can do with stop loss 5000 else wait for correction in the 2nd half of the week and go for calls as markets zooms in the next week.

NIFTY Technical
Current Spot: 4998.95
Pivot: 4986.50
3DEMA: 4970
7DEMA: 4917
50DEMA: 4869
RSI (14 days): 56.40
Supports: 4955 - 4911
Resistance: 5030 - 5062

Target Nifty
Buy NF above 5015 and 5028 Target 5052, 5085, 5110 SL - 4981
Sell NF below 4992 and 4981 Target 4958, 4897, 4803 SL - 5028
Buy Bank Nifty above 9185 Target 9220, 9255, 9300, 9330 SL - 9130
Sell Bank Nifty below 9110 Target 9075, 9040, 8990, 8950 SL - 9165

Option & Futures Call
Buy Dec 5000 PE near 75 for target of 130 (Positional Call) SL 49

Stock Ideas for the Day
Reliance Industries: Buy above 2122 for targets of 2137, 2146 SL of 2105
Reliance Industries: Sell below 2100 for targets of 2092, 2079 SL of 2116
IVRCL Infra: Buy above 410.65 for targets of 416.75, 421.40 SL of 403
Halonix: : Buy above 103 for targets of 106, 111 SL of 98
EKC: : Buy above 144 for targets of 148, 152 SL of 139
Patel Engg: : Buy above 484 for targets of 492, 498 SL of 477

Positional Call
Ashima Limited (Short term target - 7)
Su-raj Diamonds & Jewellary Ltd. (Short term target - 59)
GMDC (Short term target 135)

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
The calls given here are My Personal views, trading or investing in stocks is a high risk activity. Any action you choose to take in the markets is totally your own responsibility. S&P Wealth Creators will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information.
Investors should be cautious about any and all stock recommendations and should consider the source of any advice on stock selection. Various factors, including personal or corporate ownership, may influence or factor into an expert’s stock analysis or opinion.