Market outlook for 27/11/09

Yesterday’s expiry trading shows that the market opened flat but was unable to sustain at higher level on account of bad global cues and profit booking. As written yesterday it was never able to cross our hurdle of 5139 and sold of to level of 4978, but recovered a little in the end to ultimately close at 5005.55 -102.6 points.

• FII sold in index futures, stock futures and cash.
• US markets were closed.
• Global cues are NEGATIVE.
• SGX nifty is deep in RED.

Over all view: Today is the start of new Series, and as seen from above data we are in for major dent in our Market. We have a Major support at 50DEMA of 4936 and if it is taken out with volume, we may be in for a major correction upto 4800-4650.

NIFTY Technical
Current Spot: 5005.55
Pivot: 5036.00
3DEMA: 5050
7DEMA: 5049
50DEMA: 4936
RSI (14 days): 52.09
Supports: 4956 - 4906
Resistance: 5086 - 5166

Target Nifty
Buy Nifty above 5030 - 5059 - 5086 - 5101 - 5126 - 5166 SL - 4995
Sell Nifty below 4981 - 4956 - 4931 - 4918 - 4906 - 4865 SL - 5008

Stock Ideas for the Day
Reliance Industries: Buy above 1076 for targets of 1081, 1087, 1095 SL of 1064
Reliance Industries: Sell below 1063 for targets of 1056, 1049, 1032 SL of 1075
Jaysree Tea: Buy 337, Target 380, SL 325 (2/3 Days)

Positional Call
Pantaloon Retail: Buy 345, Target 380, SL 312 (1 Month)
Modern Dairies Ltd (Short term target- 80)

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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