Wednesday, October 21, 2009

Market outlook for 21/10/09

20-10-2009 trading shows that the markets faced resistance at 5185 and lost ground up to 5092 and nifty closed at 5114 -28.
  • FII data bought in cash.
  • US markets were in red.
  • Global markets are in red.
  • 10 day ema 5080.
  • 20 day ema 5018.
  • SGX nifty is flat.
  • F&O nifty future shed open interest around 10 lakhs.
  • Option writings: More calls were written at 5100. Puts shed open interest.
Over all view: As expected markets could not continue the rise for the week. It is correcting now itself. Means, nifty may correct for two days and rise for further upward targets in the next settlement. Lower levels support may be at 5080 and 5018

NIFTY Technical
Current Spot: 5114.45
Pivot: 5133.00
3DEMA: 5121
7DEMA: 5098
Supports: 5084 - 5054
Resistance: 5163 – 5212

Target Nifty
Buy Nifty above 5136 - 5148 - 5163 - 5187 SL - 5109
Sell Nifty below 5110 - 5100 - 5090 - 5084 SL – 5129
If open in gap down note then Sell Nifty below 5090 - 5084 - 5068 - 5053 SL - 5115

Stock Ideas for the Day
Reliance: Buy above 2208 for targets of 2214 and 2232 SL of 2195
Reliance: Sell below 2180 for targets of 2174 and 2160 SL of 2192
Bajaj Hindustan: Buy above 236 for targets of 241 and 247 SL of 231
HCL Tech: Buy above 319 for targets of 325 and 330 SL of 319
Escorts: Buy above 131 for targets of 133 and 136 SL of 125

Positional Call: (7-15 days)
Xpro India Limited (Short term target - 50)

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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