Market outlook for 25/08/09

“I don’t believe you have to be better than everybody else. I believe you have to be better than you ever thought you could be.”

Yesterday’s trading shows that markets opened gap up and continued to close at nifty 4643 +114 points. FII data more buys, F&O data long side buildup, more put option writing are showing bullishness and it will continue further. Though there may be some pressure during the days of settlement closing, markets will rise well. Huge put 4500-4600 writing shows that settlement closing will be above 4600 and below 4700.

Global cues are that Dow rise was arrested and Asian markets are flat to red. SGX nifty is -ve as of now.

Yesterday as I had written NF above 4571 will take zoom upto 4624-4642 and maximum it can flare upto 4655. Ultimately in last 30 minutes it flared to kiss 4668 and closed at 4652 level.

Now, what to expect from this level of 4652?

Decisive crossover above 4655 with volumes or close above 4655 will take to 4730-4754 level.

Today suppose Nifty does not cross yesterday’s high of 4668 & trades below 4648 level for few minutes with volumes then nonstop slide upto 4586-4566 not ruled out.

7DEMA: 4523 is last Hope for Traders.

NIFTY Technicals:

Current Spot: 4642.80

Pivot: 4620.80

Supports: 4585 & 4527

Resistance: 4678 & 4714

BUY NIFTY ABV 4669 TGT 4692,4718,4745

SELL BLW 4623 TGT 4590,4562,4535

Stock Idea for the Day

BUY RELIANCE NEAR 1970 SL 1959 TGT 1985,1995,2012

SELL RELIANCE BLW 1960 SL 1971 TGT 1950,1942,1925

BUY ICICI BANK NEAR 765 SL 759 TGT 770,775,783

SELL ICICI BANK BLW 760 SL 766 TGT 755,750,742

BUY TATA MOTOR NEAR 450 SL 443 TGT 458,463,470

SELL TATA MOTOR BLW 444 SL 451 TGT 438,432,425

SELL SBI NEAR 1814 TO 1820 SL 1828 TGT 1800,1785,1772

BUY ABV 1827 SL 1813 TGT 1840,1848,1865

BUY SIEMENS>491.1,495,498 SL 486

BUY BHARTI AIRTEL>415.1,419,425 SL 409

BUY BHEL>2345.1,2349,2359,2373 SL 2337

BUY PURVANKARA>129.1,132,135.9 SL 123

BUY CESC>351.1,354,359 SL 343

BUY KOTAK BANK>734.1,739,748 SL 723

BUY AXIS BANK>913.1,917,924 SL 904

BUY BRFL ABOVE 195 TGT 198 200 SL193

BUY PUNJLLOYD ABOVE 256 TGT260 262 SL 253

SELL BAJAJHIND BELOW 174 TGT 171 170 SL 175.5

SELL GLENMARK BELOW 206 TGT 202 200 SL 208.50

Use strict STOP LOSS in each and every trade in this kind of volatile market

Thanks & Regard

Market Pulse S&P Team

http://marketpulse-snp.blogspot.com/