Market outlook for 17/12/09

Yesterday Nifty had a great tussle to stay above 5042 (week ema). Though Nifty took support at the channel support as well as 50DMA, it was not a steady climb and it stayed quite below the 5DMA/EMA but managed to close above the "Day Low ema" at 5,042.05 up by 9 points. It made a high/low of 5,067.25 and 5,001.80 respectively. Nifty December Future closed at 5057.80, premium 15.75 points.

• FII sold in cash, index futures, stock futures and index options (Net Sell 1427 Crore)
• US markets closed Flat.
• Global cues are flat to Positive.
• SGX nifty is flat as of now.
• Most Active December Nifty Call Option: 5200 and 5100.
• Most Active December Nifty Put Options: 5000 and 4900.

Over all view: The level of 5075-5085 will continue to be the resistance. Tomorrow's Pivot @ 5037, below which it can fall sharply to the gap area. Above 5090 the bear grip will be over and bulls will take over.

NIFTY Technical
Current Spot: 5042.05
Pivot: 5037.00
3DEMA: 5058
7DEMA: 5079
20DEMA: 5066
RSI (7 days): 41.56
Supports: 5007 - 4972
Resistance: 5072 - 5102

Target Nifty
Buy Nifty above 5060 - 5077 - 5194 - 5110 - 5130 - 5150 SL - 5019
Sell Nifty below 5005 - 4990 - 4975 - 4960 - 4945 - 4925 SL - 5033

Stock Ideas for the Day
Reliance Industries: Buy above 1047 for targets of 1054, 1063, 1071 SL of 1037
Reliance Industries: Sell below 1037 for targets of 1029, 1020, 1009 SL of 1047
IDBI: Buy above 128 for targets of 130, 133 SL of 125 (1-2 Days)
ABB: Buy above 759 for targets of 772, 786 SL of 740
Triveni Engineering: Buy above 106 for targets of 112, 117 SL of 101
Polaris: Buy above 181 for targets of 187, 192 SL of 176

Positional Call
Kohinoor Foods: Buy at 55 for targets of 65 SL of 53 (One Week)
KRBL: Buy at 198 for targets of 228 SL of 189 (One Week)
GMR Industries Ltd: Buy at 100 for targets of 130 SL of 89 (One Month)

Now is always the most difficult time to invest - Anonymous

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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