Market outlook for 19/08/09

Yesterdays trading created in the minds whether the rise yesterday is just a bounce after major fall or not?. Nifty closed at 4458+71 points. FII sold in cash, index futures but bought in stocks futures. F&O nifty futures is -9 lakhs option writings more puts at 4300-4400. Global cues are just flat. SGX nifty is also -ve. Over all view: The technical indicators are all showing a fall but markets took support on the trend line. Range bound for today but if markets fall below the nifty 4350 we see very big correction up to 4100 mark. This is the target of rising wedge breakout on the daily charts too. Let us wait for breakout. Today Nifty Future will face Hurdle at 4491–4507. If revives go short. Suppose crosses 4516 level with huge volumes and trades above this level for 5/10 minutes then nonstop rally upto 4557-4574………but chances are remote. Support exist at 4427-4419. Break will take to 4385 & there after who will save NF ? Stock Idea for the Day Buy Bharat Forge>230.5,233,238 sl 226 Buy HDIL>282.1,283.2,285.5,289 sl 276 Buy ONGC>1185.1,1189.5,1198 sl 1178.8 Buy BalajiTele>61.1,62.5,63.3 sl 57.8 Buy BPCL>521.1,524,528 sl 515.5 Buy Cairn>240.1,242.4,244.6 sl 237 Buy Ranbaxy>304.1,305.5,307.8 sl 299.9 Adlabs : Buy above 320 for targets of 326 and 335. SL of 314 RNRL : Buy above 82 for targets of 83 and 84. SL of 80.50 IFCI : Buy above 52 for targets of 53.50 and 54.25 NIFTY Technicals : Current Spot : 4458.9 Pivot : 4440.95 Supports : 4390 & 4322 Resistance : 4509 & 4559 Positional Call : Mindtree. STRONG BUY between 452-530. Tgt 660-650 in 3 weeks. Intraday 475-485. Use strict STOP LOSS in each and every trade in this kind of volatile market Thanks & Regard Market Pulse S&P Team