Market outlook for 21/01/10

Markets closed the today's session on flat note after exhibiting volatility during the trading as investors booked profit in key stocks. Fall in most of Asian stocks weighed on sentiments. Besides, lower US index futures and negative Europeans stocks also contributed to the lackluster journey. Domestic indices were unable to stick on a particular direction on continuous bouts of buying and selling. However, market gained some ground during initial trading tracking Wall Street gains overnight.
Nifty closed the day at 5,221.70 down by 3.95 points. Nifty January Future closed at 5,215.00, discount of 6.7 points.

• FII sold in index futures and cash but bought in stock futures and index options. (Net sell 265.9 Crore)
• US markets closed deep in Red.
• Global cues are flat to Negative.
• SGX nifty is Negative as of now.
• Most Active January Nifty Call Option: 5300 and 5200.
• Most Active January Nifty Put Options: 5200 and 5100.

Over all view
Support: Immediate support is at 5180 as discussed yesterday. 5160 is coming as a critical support zone, holding that it may witness some recovery for the day. Below that 5145/20-5080/85 is possible in no time.
Resistances: 5205 and 5230. Above that some recovery possible towards 5265-5285.

NIFTY Technical
Current Spot: 5221.70
Pivot: 5226.55
3DEMA: 5233
7DEMA: 5238
20DEMA: 5205
RSI (7 days): 48.39
Supports: 5196 - 5171
Resistance: 5252 - 5282

Target Nifty
Sell Nifty below 5205 for Targets of 5195, 5184, 5169 SL 5230
Buy Nifty above 5230 for Targets of 5241, 5252, 5265 SL 5205

Stock Ideas for the Day
Reliance Industries: Buy above 1082 for targets of 1092, 1104, 1114 SL of 1067
Reliance Industries: Sell below 1067 for targets of 1061, 1053, 1046 SL of 1082
Lupin: Buy above 1424 for targets of 1444, 1466 SL of 1380 (1-2 Days)
Polaris Software: Buy above 186 for targets of 191, 196 SL of 183 (2-3 Days)
Jindal Steel: Buy above 676 for targets of 683, 689 SL of 669
Keep Watch: Hindustan Unilever, Sail

Positional Call
Nagarjuna Fertilizers: Buy above 37.80 for targets of 44 SL of 35 (1 Month)
Parsavnath Developers: Buy above 130 for targets of 143 SL of 120 (1 Week)

Most people are beaten up by the market instead of beating the market - MARK T. HEBNER

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
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.
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