NIFTY DAILY OUTLOOK NOV 12, 2010

[ABHIVANDAN NAGIA]

On Thursday, market opened positive, but with selling across all the indices market remain under heavy selling pressure thru out the day. Realty and Oil & Gas counters had a major sell-off. Overall it was a volatile trading session. Volume for the day was higher then previous trading session. Market breadth was negative. Midcap and Small caps index closed down in red.

 

For the day, the level of 6170 and 6145 may act as a major support for the market and the level of 6225 and 6250 may act as a major hurdle. Banking and IT may attract selling pressure.

 

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

 

“Spot Levels” Day trader can go long on nifty above 6225 with stop loss 6195 for target 6250 / 6285 and can go short below 6170 with stop loss 6195 for target 6145 / 6115.

 

INDEX RANGE

 

NIFTY: 6194.25
Range: 6145-6250
Resistance: 6225-6250-6280
Support: 6170-6145-6115

 

BANK NIFTY: 12823.60
Range: 12645-12980
Resistance: 12870-12925-12980
Support: 12755-12700-12645

 

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

 

Cash Market Trading Activity

 

(Prov. Figure in Rs. Crores)

 

Cat: Buy Val-Sell Val   = Net Val
FII:  3042.74-3106.16 = -60.4
DII:  1071.58-1341.27 = -269.69

 

All Above Spot Levels

 

 

REGARDS
 

ABHIVANDAN NAGIA
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OM SHRI GANESHAYA NAMAH

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Disclaimer
Information, charts or examples contained in this mail is for illustration and educational purposes only.
It should not be considered as advice or an endorsement to purchase or sell any security
or its financial instrument until you are well conversant and confident about the movement
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