Thursday, October 8, 2009

Market outlook for 08/10/09

Yesterday, I had written that Nifty Future will face Hurdle at 5058. Crossover will take to 5089-5100 level. (Made high of 5080 & crashed)
Today, what to expect?
While updating SGX Nifty Future is up 40 points- Reason….Bonus fever from Reliance.
Today’s Hurdles: 5022-5029.25. Crossover will take to 5051-5058 level.
Once crosses 5058 with volumes it may kiss yesterday’s high of 5080-5087 level.
On Rise: Sell -Sell -Sell, My Red hot sector for selling are: IT, Auto, Telecom
Support levels: 4960-4950.

NIFTY Technical
Current Spot: 4985.75
Pivot: 5011.90
3DEMA: 5008
7DEMA: 5010
Supports: 4947 - 4908
Resistance: 5051 - 5116

Target Nifty
Buy Nifty above 5011 - 5031 - 5050 - 5072 SL - 4990
Sell Nifty below 4980 - 4963 - 4946 - 4927 SL - 5008

Stock Ideas for the Day
Reliance Industries: Buy above 2127 for targets of 2141 and 2163 SL of 2110
DLF: Buy above 420 for targets of 423 and 428 SL of 415
Hindalco: Buy above 128 for targets of 129 and 132 SL of 126
Suzlon: Buy above 87 for targets of 80 and 90 SL of 84
TataSteel: Buy above 518 for targets of 525 and 533 SL of 510

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

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