Market outlook for 24/11/09

Yesterdays trading rode on good global cues and managed to cross the hurdles of 5082-5091 and settled to close at 5103 +51 points.

• FII bought in Index Futures and Index Options, Sold in Stock Futures and Stock Options.
• F&O nifty futures added next month series open interest.(bullish)
• Option writings are balanced.
• US markets were positive +1.3%.
• Global cues are flat to negative.
• SGX nifty is flat.

Overall View: Trading range narrowed down during last week and the break out looks muted with limited upsides. Unless "5182" is not surpassed quickly, Nifty may drift lower after spending a range bound moves in 5050-5150 range..So trade light.

NIFTY Technical
Current Spot: 5103.55
Pivot: 5089.55
3DEMA: 5069
7DEMA: 5033
20DEMA: 4869
RSI (7 days): 67.56
Supports: 5066 - 5029
Resistance: 5127 - 5151

Target Nifty
Buy Nifty above 5110 - 5125 - 5138 - 5150 - 5169 - 5188 SL - 5076
Sell Nifty below 5066 - 5047 - 5028 - 5016 - 5005 - 4985 SL - 5085

Stock Ideas for the Day
Reliance Industries: Buy above 2195 for targets of 2205, 2216, 2230 SL of 2175
Reliance Industries: Sell below 2175 for targets of 2163, 2150, 2145 SL of 2195
Berger Paints: Buy above 62.4 for targets of 64.1, 66.5 SL of 61.4
TataPower: Sell below 1339 for targets of 1326, 1313 SL of 1352
HDIL: Sell below 336 for targets of 332, 328 SL of 342
RENUKA: Sell below 219 for targets of 216, 209 SL of 225

Positional Call
GVK Power & Infra: Buy 52.5, Target 65, SL 48 (One Month)
Provogue.: Buy 59.5, Target 70, SL 55 (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

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.