Market OutLook 03-DEC-2009

On mixed global cues market to open flattish and expected to be range bound with negative bias during the morning session, at higher levels selling is expected for the day, for the rally to continue nifty should hold close above 5150 levels.

Yesterday market opened on a strong note but could not cross the 5170 mark indicating weakness in the market.
Now nifty is range bound with resistance at 5180 and support at 5050 levels, one can take positions in small lots with a stop loss of 5000.

Nifty to trade in the range 5000-5250, either side break to give a new direction to the market.

Today in the intraday nifty to trade in the range 5050-5180 levels, either side break to give a new direction to the market.

Technically nifty can take support at 5100/5080/5050/ and resistance at 5140/5180 /5200 for the day.

IN BANKING SPACE DENA BANK, UCO BANK & SYNDICAATE BANK LOOKS GOOD.I
N OIL SAPCE CHENNAI PETRO & IOC LOOKS GOOD.
IN TEXTILE BRFL & CENTURY TEXT LOOK GOOD.
IN REALITY SAPCE UNITECH & IBREAL LOOKS GOOD.

FOLLOWING STOCKS CAN BE BOUGHT FOR SHORT-TERM GAINS.

BFRL > 192 SL 188 TGT 220
CHENNAI PETRO > 221 SL 216 TGT 233
SYNDICATE BANK > 97 SL 94 TGT 104
IDBI > 131 SL 129 TGT 136
RPOWER > 147 SL 144 TGT 152

Have a nice trading day.