Market outlook for 23/10/09

22-10-09 trading shows that the nifty breaks the long term trend line and closed at 4988.6 -75 points.

• FII data sold every where.
• F&O data shows more call writing at 5000 call and put shedding.
• Nifty future role over to next month around 9 lakhs.

Over all view: as seen from the breakout of the trend line and FII huge shorting in index futures and consistent shorts build up in stocks futures it may be expected that there may be continuous fall of markets for this settlement. Else the signal of reversal by the big groups to long has to be observed. Target for the nifty first level will be 4580. If there are no signs of F&O buying with volumes intraday tomorrow the above expectation will be a success.
Morning update: US markets recovered and closed remarkably well and global markets along with SGX nifty is in positive. Hence, we may expect a good opening. But, wait for buying confirmation with volumes in F&O.

NIFTY Technical
Current Spot: 4988.60
Pivot: 5007.10
3DEMA: 5041
7DEMA: 5064
Supports: 4950 - 4911
Resistance: 5046 – 5103

Target Nifty
Buy NIFTY Above 5010, Sl 4990, Tgt 5030, 5055
Sell NIFTY Below 4990, Sl 5010, Tgt 4970, 4945

Stock Ideas for the Day
ITC: Buy above 248 for targets of 249.50 and 251.25 SL of 247.10
RNRL: Buy above 85 for targets of 85.95 and 86.50 SL of 84.25
HCC: Buy above 130 for targets of 132 and 134 SL of 128
BANG OVERSEAS: Buy above 59 for targets of 61 and 63 SL of 57
HCL Tech: Buy above 330 for targets of 333 and 335.5 SL of 326
Idea: Buy above 60 for targets of 61.5 and 63.5 SL of 59

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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Disclaimer
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