Market OutLook 01-DEC-2009

On mixed global cues market to open slightly higher levels with positive bias during the morning session, Selling is expected from the midsession and thereafter to be volatile for the day, for the rally to continue nifty should hold and close above 5050 levels.

Yesterday nifty opened with a strong notes and further buying emerged due to the improved GDP figures and thereafter nifty traded at higher levels throughout the day.

For this rally to continue nifty should trade above the 5050, now 4980 to be considered as strong support and on the other hand will face resistance as 5120 level, in my view face selling pressure to emerge at higher levels and can test 4750 level in the coming days and on the other side if nifty cross above 5120 then can test 5300 in the next few trading sessions.

Investors are advised to be cautious till the clear picture emerges.

Nifty to trade in the range 4750 – 5120 for the next few trading sessions, either side break to give a new direction to the market.

Today in the intraday nifty to trade in the range 4980-5120 levels, either side break to give a new direction to the market.

Technically nifty can take support at 5010/4980/4950 and resistance at 5070/5100 /5120 for the day.

IN METAL SPACE TATASTEEL, JSW & SAIL CAN BE BOUGHT ON DIPS
IN IT SPACE TCS, NIIT TECH, POLARIS CAN BE BOUGHT ON DIPS

Have a nice trading day.