Market outlook for 11/12/09

A narrow trading day with some predictable range. At the end of it all, the indecision remains. "Declining & lowest Volume" precedes some decisive move. "Day High Ema"(5145) was the resistance for the day. Though breached in intra day, it could not close above it and in the end closed below even the "Hour High Ema" at 5134.65 +22.65 points. Nifty December Future closed at 5128.85 a discount of 5.8 points.

• FII bought in stock futures, cash and index options but sold in index futures (Net Buy 610 Crore)
• US markets closed in Positive.
• Global cues are Positive.
• SGX nifty is Positive as of now (+30).
• Most Active December Nifty Call Option: 5200 and 5100.
• Most Active December Nifty Put Options: 5100 and 5000.

Over all view: Today Nifty may try to scale the summit of 5182. Critical level to watch out for would be 5090 & 5182. Until then it is only trading range.

NIFTY Technical
Current Spot: 5134.65
Pivot: 5122
3DEMA: 5125
7DEMA: 5111
20DEMA: 5063
RSI (7 days): 58.93
Supports: 5098 - 5061
Resistance: 5159 - 5183

Target Nifty
Buy Nifty above 5136 - 5148 - 5160 - 5179 - 5188 - 5200 SL - 5117
Sell Nifty below 5116 - 5105 - 5095 - 5082 - 5069 - 5060 SL - 5135

Stock Ideas for the Day
Reliance Industries: Buy above 1072 for targets of 1080, 1091, 1100 SL of 1060
Reliance Industries: Sell below 1060 for targets of 1051, 1046, 1040 SL of 1072
Icici: Buy above 865 for targets of 885, 892 SL of 855 (1-2 Days)
3i Infotech: Buy above 89 for targets of 92, 96 SL of 82 (2-3 Days)
Voltas: Buy above 165.25 for targets of 168, 176 SL of 160 (2-3 Days)

Positional Call
Cinemax: Buy above 63 for targets of 70, 75 SL of 58 (1 Month)
Inox Leisure: Buy above 64 for targets of 70, 76 SL of 59 (1 Month)
Noida Toll: Buy above 38 for targets of 45, 50 SL of 35 (1 Month)
Micro Inks Limited (Short term target- 800)

Theories are private property, but truth is common stock - Charles Caleb Colton

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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