Market outlook for 18/09/09

Yesterday written above 4952 will kiss 5021-5045 just see it kissed 5011 and crashed upto 4955 to close at 4978. Avoid Long in Sensex -Nifty Stocks. Yesterday's High :Will act as Hurdle. Above 4952,Next target 5101-5151
If not crosses Yesterday's high and trades below 4984.....expect Intraday panic upto 4901-4874 and there after 4901
Hurdle at 5021-5045
Now suppose not crosses 5011 & trades below 4984 will take to 3DEMA -4944 & there after 4901 7DEMA -4884
• FII bought in cash, sold in index and stocks futures.
• F&O data nifty futures Open interest was decreased means rise is stopped.
• Option writing shows that nifty is converging at 4900 for settlement.
• US markets were at -ve.
• Global markets are -ve. SGX nifty -ve.
• Negative divergence in daily charts means correction for this rise is on the way.

NIFTY Technicals:
Current Spot: 4965.55
Pivot: 4970.90
3DEMA: 4944
7DEMA: 4884
Supports: 4939 - 4912
Resistance: 4988 - 5030

Target Nifty:
BUY NIFTY ABOVE 5012 SL 4960 TARGET 5035/5067/5090/5117
SELL NIFTY BELOW 4920 SL 4860 TARGET 4880/4842/4815/4787

BUY BANKNIFTY ABOVE 8450 SL 8400 TARGET 8480/8520/8570/8640
SELL BANKNIFTY BELOW 8350 SL 8400 TARGET 8320/8260/8220/8160

Stock Ideas for the Day:
Ruchi Soya : Buy above 90.75 target 93, 95 SL 88
TataSteel : Sell below 519 for targets of 515, 511 SL 528
Bank of Baroda : Buy above 480 for targets of 486 and 492. SL 475
Adlabs : Buy above 360 for targets of 365 and 371. SL 354
RPL : Buy above 130 for targets of 133 and 135. SL 127
Mirza Tanner : Buy above 19 for targets of 20, 21 SL 18

Positional Call: (7-15 days)
IMP Powers Ltd (Short term target-150)

Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.

Thanks & Regards

Market Pulse S&P Team