Market outlook for 23/09/09

22-9-2009 trading shows that the controlled rise was still on and nifty closed at 5020+44 points. A close above 5000 created history. Even the settlement jerks to downside were not given till today.

FIIs bought in cash, bought in index futures, sold in stocks futures.
Consistent buying by FIIs in cash is a bullish phenomenon to be continued.
F&O nifty futures OI 10 lakhs added.
Options writings 5000 puts 9 lakhs added and 5100 calls 8 lakhs added.
US markets are +ve but Global cues are -ve.
SGX nifty flat.

NIFTY Technicals:
Current Spot: 5020.20
Pivot: 5011.20
3DEMA: 4988
7DEMA: 4931
Supports: 4986 - 4952
Resistance: 5045 - 5070

Target Nifty:
NIFTY FUT BUY ABV 5063 SL 5045 TGT 5078 , 5090 , 5105.
NIFTY FUT SELL BLW 5010 SL 5030 TGT 4996 , 4984 , 4970.

Stock Ideas for the Day:
LIC Housing Finance: Buy above 820 for targets of 830 and 842 SL of 822
RNRL: Buy above 91 for targets of 91.80 and 92.50 SL of 90.50
HDIL: Buy above 340 for targets of 345 and 349 SL of 335
Aarti Industries: Buy above 52 for targets of 56 and 60 SL of 49
Sterling Biotech: Buy above 117 for targets of 119 and 122.5 SL of 113
ITC: Buy above 233 for targets of 235.5 and 238 SL of 230

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

Thanks and Regards

Market Pulse S&P Team

Call 09831497250 or mail us @ S&P Team with your Name and Mobile No. for subscription offer of intraday calls during Market hours.