Monday, October 5, 2009

 

DAILY MARKET OUTLOOK - 05th Oct 2009

Nifty (5083): Nifty has immediate support around 5010-15 and then around 4940-60 and resistance is at 5150-5165.

Sensex (17135): strong support at 17080 then Support Around 16900 and strong resistance at 17180 then Resistances levels 17240-17450.

Indian markets are expected to trade in a choppy zone with a downtrend bias due to growing concerns about valuations and weak overseas cues despite strong inflows of foreign funds.

weak US factory data raised concerns about the global economy and dragged down markets worldwide on Friday and Indian markets could mirror that trend on Monday when they open..

Today the market remained range bound ahead of a long week end and the Q2FY10 results announcements. With market already trading above the 17000 level mark, no one wanted to take a bold step and take new positions in the market. Now despite being range bound it was highly volatile also.

Sensex closed at 17134.55 (Up 7.71 points) Nifty closed at 5083.40 (Down 0.55 points). On the sectoral front IT, TECk and Realty sector managed to move up with significant gains but Oil and health care lost some ground. Market breadth was negative with 1663 declines and 1123 advances.

The indicators have given a sell but structurally looks like we will see volatility in this truncated week’ the market has nearly achieved our targets and so I would not be surprised if the market reacts…

Market participants remained upbeat through out the week on expectations of strong Q2 results which will start rolling out from this week with Infosys declaring their results on the 10th instant. The market sentiment remains firm with a string of data indicating recovery in the economy with the latest robust figures for the September dispatches released by the auto and cement sectors last week. However, global cues will remain key factor to be watched out for by the investors during the week.
Readers are hereby advised to trade with caution and remain stock specific in view of quarterly earning season since profit taking at higher levels is not ruled out.

Intraday Calls

3IINFOTECH ( 3I Infotech Ltd. )
BUY ABOVE 100 sl-97 tgt1-102 tgt2-106 tgt3-111
SELL BELOW 96 sl-98 tgt1-92 tgt2- 88 tgt3-85


NIITLTD ( NIIT Limited )
BUY ABOVE 77 sl-74.5 tgt1-79 tgt2-81 tgt3-82.50
SELL BELOW 74 sl-75 tgt1-72.5 tgt2-69.5 tgt3-68

IBSEC( India bulls Securities Limited )
BUY ABOVE 59 sl-57.3 tgt1-61.5 tgt2-63 tgt3-64.50
SELL BELOW 57 sl-58 tgt1-55.5 tgt2-53 tgt3-51.50


IDFC ( Infrastructure Development Finance Company Ltd )
BUY ABOVE 155.5 sl-151.6 tgt1-158 tgt2-162
SELL BELOW 151 sl-152.5 tgt1-149 tgt2-143

ROLTA( Rolta India Ltd )
BUY ABOVE 192 sl-185.8 tgt1-196    tgt2-201
SELL BELOW 185    sl-187 tgt1-181.5 tgt2-    172

EDUCOMP( Educomp Solutions Ltd )
BUY ABOVE 4940 sl-4822 tgt1-5010 tgt2-5095 tgt3-5165
SELL BELOW 4810 sl-4850    tgt1-4750 tgt2-4620 tgt3-4550

Labels:


Comments:
Evening update of intra day calls

rolta - tgt1 achieved open - 186.25 moved 197
educomp tgt1 achieved open -4870 high 5098
3 i info almost tgt1 achieved open 96 low 92.30
IBsec tgt1 achieved open 57.90 made high 61.30
NIIT and IDFC doesnt activated
Nifty as expected opened downtrend bias a choppy volatile session
 

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