Market outlook for 19/11/09

Yesterdays trading was range-bound and nifty closed at 5055 -7 points.
FII bought in cash, stocks and index futures.

• F&O nifty futures added next month series open interest.
• Option writings are balanced. (as huge addition seen at 4800 put one can buy 4900 put for testing jackpot luck)
• US markets are flat.
• Global cues are mixed.
• SGX nifty is flat to red.

Over all view: As seen from FII data there is no direction as of now. But as the market is facing resistance at higher levels one can go short if nifty breaks 5006 level.

NIFTY Technical
Current Spot: 5054.70
Pivot: 5058.55
3DEMA: 5046
7DEMA: 4998
50DEMA: 4881
RSI (7 days): 66.81
Supports: 5038 - 5021
Resistance: 5075 - 5096

Target Nifty
Buy Nifty above 5060 - 5067 - 5075 - 5085 - 5096 - 5104 SL - 5045
Sell Nifty below 5030 - 5020 - 5008 - 5000 - 4985 - 4975 SL - 5055

Stock Ideas for the Day
Reliance Industries: Buy above 2119 for targets of 2131, 2143 SL of 2109
Reliance Industries: Sell below 2090 for targets of 2176, 2063 SL of 2105
ITC Ltd: Buy above 259 for targets of 262, 265 SL of 255
Garware Offshore Services: Buy above 159 for targets of 162, 165 SL of 156
Tourism Finance Corp of India: Buy above 27.1 for targets of 28, 29 SL of 26

Positional Call
Temptation Foods: Buy 39.70, Target 50, SL 35
Ambuja Cement: Buy 87.00, Target 108, SL 75

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.