Market outlook for 03/12/09

Yesterday nifty opened in positive but drifted down on profit booking and gave a flat close. Nifty future never tested the hurdle of 5168 closed at 5123.25 +1.25 points.

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

Over all view: My view for today remains the same, if nifty is able to cross 5138 with volumes and that to for 2 more consecutive days then the markets can run up to 5168-5208 and soon a new high and a new peek 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: 5123.25
Pivot: 5132.25
3DEMA: 5096
7DEMA: 5067
20DEMA: 5017
RSI (7 days): 62.69
Supports: 5103 - 5082
Resistance: 5153 - 5182

Target Nifty
Buy Nifty above 5135 - 5142 - 5149 - 5156 - 5167 - 5182 SL - 5110
Sell Nifty below 5105 - 5092 - 5082 - 5075 - 5067 - 5052 SL - 5125

Stock Ideas for the Day
Reliance Industries: Buy above 1102 for targets of 1107, 1115, 1121 SL of 1090
Reliance Industries: Sell below 1085 for targets of 1079, 1073, 1066 SL of 1097
Unitech: Buy above 89 for targets of 94, 98 SL of 83 (2-3 Days)
Mahindra Forging: Buy above 127 for targets of 130, 135 SL of 123
BindalAgro: Buy above 21 for targets of 21.9, 23 SL of 20.1
HeroHonda: Sell below 1680 for targets of 1674, 1663, 1056 SL of 1699
TataMotors: Sell below 709 for targets of 704, 699, 690 SL of 718

Positional Call
Ajmera Reality: Buy 237, Target 250, SL 225 (5-7 Days)
OCL Iron & Steel: Buy 30.1, Target 40, SL 26 (15-20 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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Disclaimer
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