Market outlook for 23/11/09

Fridays trading as predicted took a U-turn from 4935 and touched 5063 and settled at 5052 +63 points.

• FII sold in cash, stocks and stock futures but bought in Index futures
• F&O nifty futures added next month series open interest.(bullish)
• Option writings are balanced.
• US markets were flat to negative.
• Global cues are mixed.
• SGX nifty is just in 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 future breaks 5042 level. Nifty will face Hurdle at 5082-5091.

NIFTY Technical
Current Spot: 5052.45
Pivot: 5016.35
3DEMA: 5035
7DEMA: 5010
50DEMA: 4898
RSI (7 days): 62.36
Supports: 4969 - 4885
Resistance: 5100 - 5147

Target Nifty
Buy Nifty above 5080 - 5100 - 5120 - 5145 - 5180 SL - 5040
Sell Nifty below 5010 - 4992 - 4970 - 4945 - 4927 SL - 5055
Buy Bank Nifty above 9240 - 9285 - 9320 - 9365 - 9400 SL - 9200
Sell Bank Nifty below 9160 - 9100 - 9070 - 9020 - 8960 SL - 9215

Stock Ideas for the Day
Reliance Industries: Buy above 2138 for targets of 2155, 2165 SL of 2122
Reliance Industries: Sell below 2110 for targets of 2099, 2087 SL of 2126

Reliance has a negative trend prevalent in the short term time frame and stock needs to remain above the level of Rs 2,150 to have some semblance of positivity. Thus if the stock moves above 2151 than it can run to 2200-2,300 or Rs 2,400.
Reliance has short-term support at Rs 2,030-Rs 1,940. Thus as a strategy one can be long till the time stock remains above the level of Rs 2030 and share encounters resistance at Rs 2,163-Rs 2,271

Sel Manufacturing Co.: Buy above 72.7 for targets of 74.3, 76.1 SL of 70
Colgate Palmolive: Buy above 689 for targets of 692, 696 SL of 680
BPCL: Buy above 223.5 for targets of 229, 237 SL of 217
Sesa Goa: Buy above 360 for targets of 363, 369 SL of 353
Sesa Goa: Sell below 352 for targets of 349, 346 SL of 359
Reliance Capital: Sell below 848 for targets of 842, 836 SL of 855

Positional Call
S. Kumars Nationwide: Buy 42.3, Target 53, SL 37 (One Month)
Bharti Shipyards.: Buy 164, Target 250, SL 146 (One Month)

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

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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.
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