Market outlook for 02/12/09

Yesterday we crossed a major hurdle which is at 5125 in futures but still we have not closed above 5125 in cash, if today we are able to cross 5138 and close above these levels then we might see some fresh upside and new highs on the cards, as of now nifty is trading side ways. Nifty on this up move settled at 5122.0 +89.3 points.

• FII bought in index futures, stock futures and cash.
• US markets closed in Positive.
• Global cues are flat to Positive.
• SGX nifty is Positive.
• Most Active December Nifty Call Option: 5100 and 5200.
• Most Active December Nifty Put Options: 5000 and 4900.

Over all view: If nifty is able to cross 5138 with volumes and that to for 2 more conservative days then the markets are at a run and soon a new high and a new peak is to be touched, its a warning to all the shorter, keep a stop loss at 5138 on closing basis, we are going for a fresh break out on charts.

NIFTY Technical
Current Spot: 5122.00
Pivot: 5102.25
3DEMA: 5068
7DEMA: 5049
20DEMA: 5006
RSI (7 days): 62.56
Supports: 5074 - 5026
Resistance: 5150 - 5178

Target Nifty
Buy Nifty above 5115 - 5130 - 5145 - 5160 - 5210 SL - 5092
Sell Nifty below 5092 - 5080 - 5070 - 5060 - 5025 SL - 5115

Stock Ideas for the Day
Reliance Industries: Buy above 1100 for targets of 1010, 1116, 1121 SL of 1086
Reliance Industries: Sell below 1082 for targets of 1077, 1073, 1066 SL of 1090
HDIL: Buy above 342.2 for targets of 346, 350 SL of 339
Sail: Buy above 205 for targets of 211, 217, 224 SL of 195 (2-3 Days)
SesaGoa: Buy above 368 for targets of 374, 380, 390 SL of 350 (2-3 Days)
TCS: Sell below 680 for targets of 676, 672, 660 SL of 690
Zydus: Buy above 290 for targets of 293, 297, 302 SL of 285 (2-3 Days)

Positional Call
India Cement: Buy 113, Target 130, SL 105 (15-20 Days)
AndhraBank: Buy 118, Target 130 SL 115 (10-15 Days)

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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