Market outlook for 17/11/09

Yesterdays trading shows that markets opened up and traded in a narrow range and nifty closed at nifty 5058 +58 points.

• FII data shows that, they bought in cash but sold in stocks & index futures.
• F&O data Nifty Future OI added a small range.
• US markets closed at new high.
• Global cues are flat to negative.
• SGX nifty is flat to green.

Over all view: As seen from very little addition in nifty future open index and more selling (profit booking) by FII in F&O the nifty may face resistance here itself and corrects first for 100 points. If there is any further selling by FII in F&O then we can understand for further down side expectations. As of now don't short positional but book profits in longs. Expectation is that at the end of this week markets will complete correction. F&O role over to next month series may start journey to up side in the next week.

NIFTY Technical
Current Spot: 5058.05
Pivot: 5058.25
3DEMA: 5014
7DEMA: 4952
50DEMA: 4859
RSI (7 days): 67.97
Supports: 5043 - 5028
Resistance: 5073 - 5088

Target Nifty
Buy above 5065 - 5089 - 5105 - 5120 - 5144 SL - 5043
Sell below 5030 - 5010 - 4986 - 4962 - 4946 SL - 5055

Stock Ideas for the Day
Reliance Industries: Buy above 2153 for targets of 2162, 2175 SL of 2145
Reliance Industries: Sell below 2141 for targets of 2135, 2120 SL of 2148
HCL Tech: Buy above 335 for targets of 338.70, 344.60 SL of 332
Noida Toll: Buy above 38 for targets of 38.70, 39.60 SL of 36.9
ICSA: Buy above 173 for targets of 176, 179 SL of 168

Positional Call
Firstsource Solutions Limited: Buy 38.50, Target 48, SL 35
KEI Industries: Buy 31.30, Target 45, SL 27

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.