MARKET OUTLOOK 
                         OCT 26, 2009

                        

 

SUPPORT

TODAY’S MARKET LEVELS

RESISTANCE

2

1

1

2

16606/538/502

16765/721

SENSEX – 16810.81

16847/955

17032/120

4934/13/02

4983/69

NSE - 4997.05

5008/41

5065/92

 

                   OVERVIEW & BRIEF TECHNICAL

 


Monday is the 5th, but last day to provide reversal confirmation
Last Friday, on the back of positive global cues SENSEX failed to break below 16606 immediately but at least remained under pressure. It not only kept an inside bar for the day but also created a "Shooting Star" pattern.

From 16606-17493 (see chart) market consumed 5 trading days and as against this, decline from 17493 must violate 16606 by Monday to eventually retrace preceding leg in equal time confirming market reversal.

For today, strength will be only above 17032 but below 16765 weakness will be maintained and break below 16606 will obviously confirm the reversal.

Traders should go with the flow of the market i.e. sell on rise with proper stop losses. Supports for the day are at 16765/16721/16606/16538/16502 and resistances are placed at 16847/16955/17032/17120.

 

 

 

 

LONG TERM MARKET VIEW ... Authored in Sept. 2005
(Latest long term view will be updated soon)

 

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STOCK

 

 


 

CMP

 


         SUPPORT

 

 


 

RECOMMENDATIONS

(If limits does not come, sell below S1)



 

S/LOSS

 


RESISTANCE


S2


S1


R1


R2

 

ACC

 763 748 759 Go Short on some rise @ 766/768 with a given stop-loss. 773 767 772

BPCL

 519 510/04 516 Go Short on some rise @ 524/526 with a given stop-loss. 533 525 532

CAN BANK

 378 369/62 374 Go Short on some rise @ 381/382 with a given stop-loss. 389 383 388

REL CAP

 874 850 868 Go Short on some rise @ 880/882 with a given stop-loss. 893 878/84 888/92

SBI

 2354 2295/65 2325 Go Short on some rise @ 2360/2368 with a given stop-loss. 2386 2362/80 2385

 

                      (OPEN CALLS OCT. 2009)
                      SMART TRADERS DWELLING RING
                                  RIDE THE TREND TILL THE WEIGHT OF EVIDENCE INDICATES THAT IT HAS REVERSED
                              (DERIVATIVES PICKS
                             (Future prices)
                         
               (If given limit does not come but (NIFTY or Stock trades) beyond T1, you may choose to trade for T2 in desired direction)

STOCK

CALL STARTED ON

TRAD INST

TREND

LONG/
SHORT

S/L

TARGET

TARGET ACHIEVED ON

NO OF DAYS

% RETURN

T1

T2

T1

T2
                       
NIFTY 23/10 FUTURE  DOWN SELL @ 5014/5018 5069 4972 4930/10  

OPEN

   Continue
NIFTY 22/10 FUTURE  DOWN SELL @ 5088/5092 5124 5058 5028/10  

CLOSED 22/10

 1 Day 7.5%
NIFTY 20/10 FUTURE  DOWN SELL @ 5134/5138 5166 5116 5080/40  

CLOSED 20/10

 1 Day 5.6%
NIFTY 14/10 FUTURE  UP LONG @ 5081/5083 5012 5130 5160  

CLOSED 14/10

 1 Day 6.7%
NIFTY 12/10 FUTURE  DOWN SELL @ 4966/4974 5007 4918 4865/25  

CLOSED 12/10

 1 Day -5.7%
NIFTY 09/10 FUTURE  DOWN SELL @ 5017/5024 5053 4998/64 4936/04  

CLOSED 09/10

 1 Day 13.7%
NIFTY 08/10 FUTURE  DOWN SELL @ 5022/5028 5081 4964/20 4870  

CLOSED 08/10

 1 Day 8.1%
NIFTY 07/10 FUTURE  DOWN SELL @ 5075/5080 5111 5046 4996  

CLOSED 07/10

 1 Day 12.6%
NIFTY 06/10 FUTURE  DOWN SELL @ 5026/5032 5056 4995 4972  

CLOSED 06/10

 1 Day 8.9%
NIFTY 05/10 FUTURE  DOWN SELL @ 5039/5037 5091 5005 4992/72  

CLOSED 05/10

 1 Day 5.7%
NIFTY 01/10 FUTURE  UP LONG @ 5042/5052 4989 5080 5130/70  

CLOSED 01/10

 2 Day 5.9%
NIFTY 29/09 FUTURE  UP LONG @ 4966/4968 4929 5008/27 5048/75  

CLOSED 30/09

 2 Day 16.8%
NIFTY 25/09 FUTURE  UP LONG @ 4962/4966 4919 5010/27 5048/75  

CLOSED 25/09

 1 Day 6.7%

 

Feedback and comments are invited from the readers.

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DISCLAIMER:  Author's recommendations are solely made with the purpose to educate the market participants/traders/investors and to enable them to derive maximum benefits by acting upon them. While due care has been taken in preparing these comments, no responsibility will be assumed by the author for the consequences whatsoever, resulting out of acting on these recommendations.