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Wednesday, November 3, 2010

NIFTY DAILY OUTLOOK NOV 3, 2010



On Tuesday, market opened flat and traded in a small range for thru out the day. Capital Goods and IT outperformed whereas Realty and Oil & Gas underperformed. Overall it was a volatile trading session. Volume for the day was slightly lower then previous trading session. Market breadth was negative. Midcap and Small caps index closed down in red.

For the day, the level of 6090 and 6065 may act as a major support for the market and the level of 6140 and 6165 may act as a major hurdle. Market will trade flat to negative and selling expected at higher level.

The Short term trend will turn positive above the level of 6130.

"Spot Levels" Day trader can go long on nifty above 6140 with stop loss 6115 for target 6165 / 6190 and can go short below 6090 with stop loss 6115 for target 6065 / 6040.

INDEX RANGE

NIFTY: 6119
Range: 6065-6165
Resistance: 6140-6165-6190
Support: 6090-6065-6040

BANK NIFTY: 12770.90
Range: 12630-12910
Resistance: 12820-12870-12910
Support: 12735-12680-12630

Short term: Down (6130)
Medium term: UP (5930)
Long term: Up (5180)

All Above Spot Levels

OM SHRI GANESHAYA NAMAH

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