Market outlook for 20/11/09

Yesterday trading was the most awaited correction and nifty closed at 4989 -66 points. Correction started for the rally started from 4531 to 5082 level. Remember, rising wedge to favour Bears. Negative Divergence on chart. 101% below 5048, Bears will have upper hand.

• FII sold in cash, stocks and index futures.
• F&O nifty futures shed next month series open interest.
• Option writings are balanced.
• US markets tanked.
• Global cues are Negative.
• SGX nifty is in red.

Over all view: As seen from FII data we are in for a correction as of now. Today after breaking low of 4962 with volumes will take to 4944–4910 in panic. Suppose breaks 4910 level and trades below this level for 5-10 minutes then, nonstop panic upto 4806–4772 not ruled out. Now if not breaks 4910 level then can kiss 4940 & take U-turn.

NIFTY Technical
Current Spot: 4989.00
Pivot: 4998.70
3DEMA: 5018
7DEMA: 4996
50DEMA: 4880
RSI (7 days): 54.62
Supports: 4954 - 4919
Resistance: 5034 - 5078

Target Nifty
Buy Nifty above 5000 - 5020 - 5040 - 5066 - 5091 - 5110 SL - 4980
Sell Nifty below 4976 - 4950 -4931 - 4912 - 4886 - 4860 SL - 5010
Buy Bank Nifty above 9090 - 9120 - 9165 - 9215 - 9275 SL - 9045
Sell Bank Nifty below 9030 - 9000 - 8965 - 8910 - 8875 SL - 9075

Option & Futures Call
Buy Rcom Dec 200 Call Below 5 And Rcom Nov 160 Put Below 1.60 SL 0 Target 10/15/20/25

Stock Ideas for the Day
Reliance Industries: Buy above 2091 for targets of 2096, 2104 SL of 2085
Reliance Industries: Sell below 2080 for targets of 2076, 2068 SL of 2088
Rolta: Buy above 174.20 for targets of 176.70, 179.30 SL of 170.50
JP Hydro: Buy above 70.75 for targets of 71.70, 73.30 SL of 69.00
TataSteel: Sell below 545 for targets of 540, 536 SL of 555

Positional Call
Polaris Software: Buy 167, Target 182, SL 160
Roman Tarmet Ltd.: Buy 51, Target 63, SL 46

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.