Market OutLook 10-DEC-2009

On global cues market to open flattish with negative bias during the morning session, at lower levels bounce back is expected for the day and thereafter selling to emerge once again during the close, for the rally to continue nifty should hold close above 5180 levels.

Yesterday market opened on weak note and was trading with the negative bias for the whole day and the same trading is expected today also.

Now nifty is range bound with resistance at 5180 and support at 5080 levels, one can take positions in small lots with a stop loss of 5050 ,nifty looks bullish only on crossing above 5180 and can test 5300, on the other hand a break below 5080 can drag the nifty to 5000 levels.

Nifty to trade in the range 5080-5180 in short-term, either side break to give a new direction to the market.

Technically nifty can take support at 5090/5050/5010/ and resistance at 5140/5160 /5180 for the day.

In this market condition one has to book profits on very rise and when decline on panic buying will be the best strategy, one has to trade with cautious.

I think the worst is over for the Telecom sectors.

BUY RCOM, BHARTI, IDEA AND TTML FOR SHORT-TERM GAINS.

Have a nice trading day.