Market outlook for 30/09/09

29-9-09 trading shows that bullishness is unbelievable as markets faced resistance at 5000 zone but nifty closed above 5000 @5007 +48 points.

• Fii data bought in cash, index futures, stocks futures means bullishness.
• F &O data, 5000, 5100, 5200 calls added more and put 5000, 4900 added @ 5000 more call buildup.
• Index futures – 2.1 lakhs stocks futures shorts cleared and longs added.
• Nifty 2 days swing up stop loss 4932. Nifty 4920-5020. Support 4980 – 4930-4900.

Overall view: As US markets bounced on previous day it was expected world markets will take support at current levels and the bull phase will continue but yesterday's night Dow closed in red. Asian markets are flat. SGX nifty is in +ve. But as the writings at 5100, 5200 calls was increased the rise may not be strong. But FIIs are bullish. Hence, range is 50-50 from 5000 levels. In this situation one can take both call and put at 100 points distance.

But forgetting all technical view is negative only after nifty breaks support line @4830.Till then range bound trading.

NIFTY Technicals:
Current Spot: 5006.85
Pivot: 5005.55
3DEMA: 4989
7DEMA: 4967
Supports: 4991 - 4975
Resistance: 5021 - 5036

Target Nifty:
Buy Nifty above 5013 - 5020 - 5031 - 5044 - 5056 - 5074 - 5092 SL - 4990
Sell Nifty below 4980 - 4970 - 4952 - 4934 - 4921 - 4909 - 4889 SL - 5000

Stock Ideas for the Day:
Zee Entertainment: Buy above 238 for targets of 241 and 245 SL of 232
MNM: Buy above 850 for targets of 861 and 875 SL of 840
RNRL: Buy above 88 for targets of 89.50 and 90.75 SL of 87.10
HCC: Buy above 130 for targets of 132 and 133.50 SL of 128.50
Colgate: Buy above 634 for targets of 642 and 651 SL 629
RPG Cables: Buy above 19 for targets of 19.75 and 20.50 SL 18

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 TISCO BELOW 490 SL 530 TARGET 450/410
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 and Regards

S&P Wealth Creators

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