NIFTY DAILY OUTLOOK DEC 03, 2010

On Thursday, market opened gap-up and traded higher in a range thru out the day with good buying in most of the indices. Metals, Realty and Banks outperformed whereas Auto and Capital Goods underperformed. Volume for the day was slightly higher then previous trading session. Market breadth was positive. Midcap and small caps index closed up in green.

For the day, the level of 5995 and 5970 may act as a major support for the market and the level of 6025 and 6050 may act as a major hurdle. Auto and IT may attract selling pressure.

Positional traders are advised to book long position above the level of 6000 and accumulate short position in nifty with stop loss of 6090 on closing basis on nifty spot for target 5845 / 5625 / 5410.  

"Spot Levels" Day trader can go long on nifty above 6025 with stop loss 5995 for target 6050 / 6080 and can go short below 5995 with stop loss 6025 for target 5970 / 5940.

The Medium term trend will turn negative below the level of 5930.

Index Range

Nifty: 6011.70

Range: 5970-6050
Resistance: 6025-6050-6080
Support: 5995-5970-5940

Bank Nifty: 12472.60
Range: 12200-12750
Resistance: 12535-12640-12750
Support: 12420-12310-12200

Short term: Up (5830)
Medium term: Up (5930)
Long term: Up (5350)

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

Cat: Buy Val - Sell Val=   Net Val
FII:  4114.46-3728.34= +386.12
DII:  1317.29-1542.33= -225.04

All Above Spot Levels

OM SHRI GANESHAYA NAMAH