Market OutLook 19-NOV-2009

On mixed global cues market to open flattish with negative bias for the morning session of trading and thereafter pull back is expected from the lower levels during the midsession, one has to be cautious at higher levels for intraday.

Yesterday nifty traded weak and was unable to hold at higher levels but closed well above the 5050 mark. Overall the market looks weak for now with a strong support at 5000 levels, Yesterday nifty did touch 5070-5080 levels several times but was unable to breach it suppose today if it is able to sustain above that level then nifty can test the 5150 levels.

If nifty closes above 5000 one can stay invested in the market. A break below this level can drag the nifty to the extent of 4950 levels today.Nifty has strong support at 5000-4980 levels, based on yesterday’s trade if nifty crosses above the 5100 level today then can test 5150 in the next two days and in this week itself nifty has the potential to test 5180-5200 levels. Today in the intraday nifty to trade in the range 4990-5080 levels, either side break to give a new direction to the market.Technically nifty can take support at 5020/5010/4990 and resistance at 5080/5090 /5120 for the day.I

N OIL & GAS SPACE CHENNAI PERTO, GAIL & PERTRO NET LOOKS GOOD.
IN METAL SAIL, TATASTEEL AND JSW LOOKS GOOD.

THE FOLLOWING STOCKS CAN BE BOUGHT FOR SHORT-TERM GAINS.

GTL INFRA >31 SL 30 TGT 37
GMR INFRA >68 SL 65 TGT 71
UCAL FUEL >63 SL 60 TGT 76
GULF OIL >102 SL 97 TGT 110

Have a nice trading day.