Thursday, October 22, 2009

Market outlook for 22/10/09

21-10-2009 trading shows that nifty corrected further and closed at 5064 -50.
  • FII sold in cash, index and stocks futures.
  • F&O data nifty futures sheds open interest further.
  • Options writings show more calls written and puts sheds.
  • US markets rose to new highs but closed in red.
  • Global markets are in red.
  • SGX nifty lost its overnight green and now in red.
  • Nifty supports may be 5030-4980 and 20 day ema =5022.
  • Nifty closed below 5 day ema 5095.
Over all view: As it is observed from FII short positions buildup in stocks futures through out the series one may feel that this settlement may in below to previous one i.e., 4983. But, if there is any continuation of bull run, nifty has to corrects for one or two days and bounces up into next week for bullish settlement closing. Wait for one more day for confirmation. But now following the 5 day charts one may trade to downside.

NIFTY Technical
Current Spot: 5063.60
Pivot: 5077.55
3DEMA: 5092
7DEMA: 5089
Supports: 5038 - 5012
Resistance: 5103 - 5144

Target Nifty
Sell NF Below @ 5065 and 5058 Target 5045-5003 SSL-5099
Buy NF Above @ 5085 and 5099 Target 5126-5165 SSL-5058

Stock Ideas for the Day
KFA: Buy above 56 for targets of 58 and 61 SL of 54
LIC Housing: Buy above 855 for targets of 860 and 869 SL of 845
HCL Tech: Buy above 323.50 for targets of 328 and 332 SL - 319

Positional Call: (7-15 days)
Edserv Softsystems Limited (Short term target- 300)
NTPC above 220 SL 180 CLOSING BASIS TARGET 260/300 (Short Term – 3-4 Months)

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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