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Monday, November 15, 2010

NIFTY WEEKLY & DAILY OUTLOOK NOV 15, 2010



As told last Monday market will attract selling pressure if remains below 6280 and will attract fall till 6130, even advice to hedge & book long positions if market remains below level of 6280. For this week watch out level of 6130 on upside and 5930 on downside, close above or below the same will decide the next move in market. If market fails to hold and close below level of 5930 one can expect levels of 5600-5500 with minor support at 5825.

Contra Call: Book shorts & Go long between 6020-5960 with stop loss of 5930 on closing basis for upside target 6130 / 6225 / 6280.

For the day, the level of 6040 and 6015 may act as a major support for the market and the level of 6100 and 6215 may act as a major hurdle. Banking and IT may attract selling pressure. On daily chart all technical indicators are on sell signal and RSI below level of 50.

"Spot Levels" Day trader can go long on nifty above 6100 with stop loss 6070 for target 6125 / 6155 and can go short below 6040 with stop loss 6070 for target 6015 / 5985.

INDEX RANGE

NIFTY: 6071.65
Range: 6015-6125
Resistance: 6100-6125-6155
Support: 6040-6015-5985

BANK NIFTY: 12457.30
Range: 12170-12720
Resistance: 12510-12610-12720
Support: 12390-12280-12170

Short term: Down (6130)
Medium term: Up (5930)
Long term: Up (5500)

Cash Market Trading Activity
(Prov. Figure in Rs. Crores)


Cat: Buy Val - Sell Val=   Net Val
FII:  3134.74-3917.01= -782.27
DII:  1439.13-1193.45= +245.68


All Above Spot Levels

OM SHRI GANESHAYA NAMAH

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