Market outlook for 04/12/09

Yesterday nifty opened in positive on the back of firm Asian cues and crossed our resistance level of 5168 and cautiously climbed towards our yearly peak of 5182. It traded sideways for sometime but sold off during the last hour of trade on profit booking and gave a flat close at 5131.70 +8.45 points.

• FII bought in index options, and cash but sold in index futures (Net Buy 440 Crore)
• US markets closed in Red.
• Global cues are flat to Negative.
• SGX nifty is Negative as of now.
• Most Active December Nifty Call Option: 5200 and 5300.
• Most Active December Nifty Put Options: 5100 and 5000.

Over all view: Volumes are low but market breadth was once again positive. Today the index may face resistance at 5138, 5168 and 5188. Once these levels are taken out, our next target will be 5208. On the down side, if the benchmark trades below 5138 it may slip to 5100, 5068 and 5050. Although Nifty in short term appears to have upside left but profit booking may pull it down to 5036 and 4996, any close below these can be very bearish.

NIFTY Technical
Current Spot: 5131.70
Pivot: 5139.75
3DEMA: 5114
7DEMA: 5084
20DEMA: 5028
RSI (7 days): 63.63
Supports: 5098 - 5065
Resistance: 5173 - 5241

Target Nifty
Buy Nifty above 5138 - 5147 - 5156 - 5165 - 5174 - 5182 SL - 5121
Sell Nifty below 5115 - 5106 - 5097 - 5088 - 5081 - 5065 SL - 5138

Stock Ideas for the Day
Reliance Industries: Buy above 1102 for targets of 1106, 1112, 1116 SL of 1091
Reliance Industries: Sell below 1090 for targets of 1084, 1076, 1065 SL of 1103
NIIT Tech: Buy above 174.8 for targets of 177, 189 SL of 159 (2-3 Days)
Gujarat Sidhee Cement: Buy above 17.25 for targets of 17.7, 18.9 SL of 16.4
M&M Financial Services: Buy above 308 for targets of 315, 322 SL of 293
M&M: Buy above 959 for targets of 966, 972 SL of 949
SatyamComp: Buy above 98.15 for targets of 100, 102 SL of 96.1
OIL: Sell below 1157 for targets of 1143, 1131, 1120 SL of 1184

Positional Call
KFA: Buy 60, Target 100, SL 49 (3-4 Months)
India Glycols Ltd: Buy 128.1, Target 141, SL 120 (5-7 Days)
Jagsonpal Pharmaceuticals: Buy 20, Target 32, SL 15 (15-21 Days)
Aftek: Buy 19, Target 25, SL 15 (15-21 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

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.