NIFTY DAILY OUTLOOK NOV 9, 2010

On Monday, market opened flat and traded in a small range for thru out the day. Most of the indices were seen under profit booking. Realty and Metals outperformed whereas Banks and IT underperformed. Overall it was a volatile trading session. Volume for the day was higher. Market breadth was negative. Midcap and Small caps index closed flat.

For the day, the level of 6250 and 6225 may act as a major support for the market and the level of 6310 and 6335 may act as a major hurdle.

The Short term trend will turn negative below the level of 6130.

"Spot Levels" Day trader can go long on nifty above 6310 with stop loss 6280 for target 6335 / 6365 and can go short below 6250 with stop loss 6280 for target 6225 / 6195.

INDEX RANGE

NIFTY: 6273.20
Range: 6225-6335
Resistance: 6310-6335-6365
Support: 6250-6225-6195

BANK NIFTY: 13105.10

Range: 13070-13460
Resistance: 13140-13250-13360
Support: 13030-12920-12810

Short term: UP (6130)

Medium term: UP (5930)
Long term: Up (5180)

All Above Spot Levels

OM SHRI GANESHAYA NAMAH