Market OutLook 11-DEC-2009

On strong global cues market to open slightly higher levels and expected to be range bound with positive bias during the morning session, at higher levels selling is expected for the day, for the rally to continue nifty should hold trade above 5150 and a close above 5180 will take nifty to 5300 in the next few trading sessions.

Yesterday market opened on a flat note and was rage bound without much volatility and looked as if it was direction less, but today due to the IIP data announcement market is expected to be volatile in the second session.

Now nifty is range bound with resistance at 5180 and support at 5080 levels, one can take positions in mid cap stocks with a stop loss of 5050.Nifty to trade in the range 5050-5180 in short-term, either side break to give a new direction to the market.

Today in the intraday nifty to trade in the range 5090-5150 levels, either side break to give a new direction to the market.

Technically nifty can take support at 5120/5100/5080/ and resistance at 5150/5180 /5220 for the day.

IN MID CAP BANKING SPACE DENA BANK, UCO, ANDHRA BAN & SYNDICATE BANK LOOKS GOOD.
IN FERTILIZER SPACE CHAMBAL, NAGARJUNA AND DEEPAK LOOKS GOOD.
IN MID CAPTEXTILE SPACE ALOK, EASTERN SILK & BRFL LOOKS GOOD.
IN SUGAR SPACE PRAJ IND & BAJAJ HIND LOOKS GOOD.
IN MID CAP IT SPACE FCS, FSL, PATNI, POLARIS & ROLTA LOOKS GOOD.
IN SHIPPING SPACE ESSAR, VARUN & GE SHIPPING LOOKS GOOD.

FOLLOWING STOCKS CAN BE BOUGHT FOR SHORT-TERM GAINS.

BAJAJ HIND >210 SL 208 TGT 222
ROLTA > 188 SL 185 TGT 200
IDEAL CELL > 61 SL 60 TGT 68
DEEPAK FERTILIZER >102 SL 100 TGT 110
CHAMBAL FERT >60 SL 58 TGT 65

Have a nice trading day.