Sunday, October 11, 2009

 

DAILY MARKET OUTLOOK - 12th Oct 2009

Nifty (4945): The crucial landmarks for the Nifty is at 5000-4900-4824. Nifty has immediate support around 4930-4960 then 4880 and resistance is at 5070-5154. possible upside 5055-5120-5250-5280.

Sensex (16643): Immediate support around 16500, crucial support is 16200 and strong resistance at 16800-17080-17140 crossover resistance is at 17240-17450

After a ranged week the market closed on a disappointing note despite good global cues. Through the week the market saw flat and cautious trading. This week's performance was average and the numbers are: Sensex down 2.8% and Nifty down 2.7%. CNX Midcap index was up 0.76%, while BSE Smallcap index was down 2.8% over the week. BSE Realty index down 2.6%, BSE Consumer Durables index up 5.4%, BSE Metal index up 1.8%, BSE IT index down 7.4% and BSE Auto index down 2.4%.

It was a sticky trading day for the Indian market because of intense selling pressure towards the latter part of the day. Firm global cues and good Q2 results from Infosys did not have much of a positive effect on the market. Sensex shut shop at 16642, down 200 points and Nifty at 4945, down 57 points from the previous close. CNX Midcap index was down 0.4% and BSE Smallcap index was down 0.7%. The market breadth was negative with advances at 383 against declines of 886 on the NSE. Top Nifty gainers included Bharti Airtel, RCom and ONGC while losers included Tata Motors, Ranbaxy and PNB.

The Nifty witnessed an intra day movement of about 98.05 points. The closing index was 1.14% down as compared to the previous closing index.

we were expecting a big move either up or down and the market cracked but the market has managed to stay above the crucial 4900 mark and I would say that technically 4900 is a very strong support to deal with though the market looks down…

INTRADAY CALLS

GICHSGFIN  ( GIC Housing Finance Ltd )
BUY ABOVE 96.8 sl-94.5 tgt1-99 tgt2-102 tgt3-106
SELL BELOW 93.8 sl-95 tgt1-90 tgt2-87 tgt3-83

TAJGVK ( Taj GVK Hotels And Resorts )
BUY ABOVE 145 sl-139.5 tgt1-150 tgt2-155 tgt3-159
SELL BELOW 139 sl-140.5 tgt1-135 tgt2-130 tgt3-125

IDBI ( IDBI Bank Limited )
BUY ABOVE 131 sl-129.7 tgt1-133 tgt2-135.5 tgt3-137
SELL BELOW 129.2 sl-130.5 tgt1-127.6 tgt2-126 tgt3-124.7

OFSS ( Oracle Financial Services Software Limited )
BUY ABOVE 2105 sl-2070 tgt1-2135 tgt2-2170 tgt3-2210 tgt4-2250
SELL BELOW 2060 sl-2080 tgt1-2015 tgt2-1970 tgt3-1935 tgt4-1910

DEWANHOUS ( Dewan Housing Finance Corporation Ltd )
BUY ABOVE 166 sl-160.5 tgt1-171 tgt2-177 tgt3-181
SELL BELOW 159.5 sl-162 tgt1-153 tgt2-149 tgt3-144

OIL ( Oil India Limited )
BUY ABOVE 1200 sl-1187 tgt1-1225 tgt2-1243 tgt3-1255
SELL BELOW 1183 sl-1193 tgt1-1174 tgt2-1155 tgt3-1140

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Comments:
Evening update of intra day calls

GICHSGFIN high 99.70 target achieved

TAJGVK open 146 high 148.70 nearing target

IDBI open 131.40 high 132.95 target achieved

OFSS open 2110 made high 2198 almost target 3 achieved

DEWANHOUS open 166.65 made high 172.30 target achieved

OIL open open 1184 made low 1176 almost tgt1 achieved

the market has managed to stay above our very crucial support of 4900 and stayed closed in the green, technically the trend is still intact up and we may see some more upside in the days to come and hopefully our target of 5154 on the Nifty has a good chance of being achieved… incidentally we hit the high of the day on the Nifty like a dot.
 

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