Market outlook for 29/09/09

FEAR OF MAJOR CORRECTION

Now all the world markets are at correction and if falls further this may lead to major correction in all the markets.
US S&P if falls below 1033 then falls further and the top may be over.
Like-wise if nifty falls below 4800 we may expect major correction in the Indian markets (medium term) targeting 1117 points correction from 4800.
Means we may expect an attempt to fill the gap up opening of Nifty upper sealing on the eve of Indian Govt elections. Beware of the fall.

My view is buy one lot of nifty put 4900 and stop loss for this is 5050.

NIFTY Technicals:
Current Spot: 4958.95
Pivot: 4961.50
3DEMA: 4971
7DEMA: 4954
Supports: 4929 - 4898
Resistance: 4992 - 5025

Target Nifty:
BUY NIFTY ABOVE 5020 SL 4940 TARGET 5080/5150
SELL NIFTY BELOW 4880 SL 4940 TARGET 4800/4730

BUY BANKNIFTY ABOVE 8500 SL 8400 TARGET 8500/8600
SELL BANKNIFTY BELOW 8400 SL 8500 TARGET 8300/8200

Option Call:
Buy Tata steel 510 strike price @20-21 SL 10 target 40-60. Tata steel is expected to touch 550-560 levels in October.
Buy Suzlon 90 strike price @7.10 SL 4 target 14-16. Suzlon is expected to touch 100-105-118 levels in October.

Stock Ideas for the Day:
Buy RCF @69-67 SL 64 target 77
Buy KPIT @76-75 SL 73.50 target 85
Buy KS OIL @69-68 SL 66 target 75
Buy Glaxo pharma @1576 SL 1532 target 1629
Buy Sun pharma @1308-1310 SL 1286 target 1330
Buy Educomp @4448 SL 4360 target 4590+
Buy Patel Engineering @514 SL 492 target 540

Positional Call: (7-15 days)
BUY BIOCON ABOVE 260 SL 230 TARGET 290/320
BUY INDIANHOTEL ABOVE 80 SL 70 TARGET 90/100
BUY ORCHID ABOVE 180 SL 130 TARGET 230/280
BUY KFA ABOVE 60 SL 50 TARGET 70/80
BUY CHAMBAL ABOVE 58 SL 52 TARGET 64/70
BUY DABUR ABOVE 145 SL 125 TARGET 165/185
SELL SESAGOA BELOW 250 SL 280 TARGET 220/190
SELL HCLTECH BELOW 320 SL 350 TARGET 290/260
BUY PFIZER ABOVE 900 SL 800 TARGET 1000/1100
BUY DCM ABOVE 32 SL 27 TARGET 37/42
BUY EVINIX ACCESSORIES ABOVE 4 SL 3 TARGET 5/6
BUY WEIZMANN ABOVE 40 SL 30 TARGET 50/60

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

Thanks & Regards

S&P Wealth Creators

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