Market outlook for 20/08/09

Yesterdays trading shows that our markets now corrects it self before reaching 4800-5000 zone. As the China Markets cues were bearish the same was felt in our markets. Nifty closed at 4394-64. FII data is selling in cash, a little selling in index futures but buying in stocks futures. F&O nifty futures added 5 lakhs in Aug series and 12.8 lakhs in Sep series. Option writings 4500 & 4400 calls and 4300 and 4200 puts were added. Huge build up in 4300 put shows markets may at least take support at 4250 range. US markets traded green. Global markets are flat to green. SGX nifty is +40 as of now. Over all view: As the markets are at most felt support zone of nifty 4350, one can go long here with stop loss 4350 as more support from our operators is expected here. Now ,What to expect from level of 4386 ? Just watch 4429 is crucial Hurdle….Decisive crossover with volumes will take to 4464 (7DEMA ). Upper target :4482-4500.(Chances remote ) Support at 4334.Once breaks will take to 4283-4266 in hrs only. Today’s Mantra :Until it breaks 4334. No problem for Bulls. Above 4429 -expect above mentioned levels. Crucial Support for Positional Traders :4318-4267.Below these levels nonstop slide upto 4112-4061 level. Don’t Jump and Buy Sensex/Nifty Stocks. NIFTY Technicals : Current Spot : 4394.1 Pivot : 4408.35 Supports : 4339 & 4284 Resistance : 4463 & 4532 BUY NIFTY ABV 4429 TGT 4470,4492,4525 SELL BLW 4388 TGT 4352,4330,4313 Stock Idea for the Day RELIANCE SELL NEAR 1900 TGT 1892,1880,1872 RELIANCE BUY ABV 1928 TGT 1945,1952,1965 TISCO SELL NEAR 440 SL 447 TGT 434,430,425 TISCO BUY ABV 446 SL 439 TGT 452,455,460 BUY ICICI BANK NEAR 710 SL 703 TGT 718,723,728 SELL ICICI BANK BLW 703 SL 710 TGT 696,690,685 BUY INFOSYS ABV 1973 SL 1963 TGT 1985,1990,1998 SELL INFOSYS NEAR 1963 SL 1973 TGT 1953,1945,1936 BUY LT NEAR 1460 TO 1465 SL 1454 TGT 1476,1485,1495 SELL LT BLW 1454 SL 1465 TGT 1445 ,1438,1428 SELL RCOM BLW 240 SL 246 TGT 237,234,230 BUY IFCI ABV 52 SL 51 TGT 53.10, 54 BUY NTPC ABV 203.10 SL 201 TGT 205, 206.50 BUY RPower ABV 156 SL 154 TGT 158, 160 Buy ONGC>1171.1,1178.8,1186 Sl 1162 Buy Punj Llyod>232.1,237,239.8 sl 227.8 Buy BPCL>525.1,529,535 sl 518 Buy Cairn>238.1,239.8,241.8,245 sl 234 Buy Ranbaxy>304.1,307,309.9 sl 298.8 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