Market outlook for 26/11/09

Yesterday trading shows that the market started firmly on good global cues but faced resistance 5137 level sold of and took support at 5085 but ultimately closed at 5108.15 +17.6 points.

• FII bought in index futures and index options. Sold in stock futures and cash
• US markets were flat to positive.
• Global cues are mixed.
• SGX nifty is in flat to positive.

Over all view: Today is expiry as seen from above data there is no major direction as of now. But as the market is facing resistance at higher levels one can go short if nifty if not crosses yesterdays high of 5139. If crosses 5139 with volume then 5168-5208 are major hurdles.

NIFTY Technical
Current Spot: 5108.15
Pivot: 5108.15
3DEMA: 5094
7DEMA: 5063
20DEMA: 4993
RSI (7 days): 66.95
Supports: 5078 - 5048
Resistance: 5138 - 5168

Target Nifty
Buy Nifty above 5110 - 5123 - 5137 - 5152 - 5167 - 5182 SL - 5085
Sell Nifty below 5080 - 5063 - 5048 - 5040 - 5033 - 5018 SL - 5103

Stock Ideas for the Day
Reliance Industries: Buy above 2201 for targets of 2210, 2224, 2238 SL of 2184
Reliance Industries: Sell below 2182 for targets of 2169, 2155, 2148 SL of 2197
IOC: Buy above 297.5 for targets of 299, 302 SL of 294
KFA: Buy above 53.75 for targets of 55, 57 SL of 52.5
Geship: Buy above 292.6 for targets of 296, 301 SL of 288
ITC Ltd: Buy 269, Target 284, SL 260 (BTST)
Dabur: Buy 164.6, Target 172, SL 156 (BTST)

Positional Call
Menon Pistons: Buy 70, Target 80, SL 68 (7/10 Days)
Ashapura Minechem Ltd: Buy 59, Target 80, SL 54 (1 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
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