Market OutLook 14-DEC-2009

On weak global cues market to open flattish with negative bias during the morning session and thereafter to be range bound and today can test 5050 levels from there bounce back is expected.

On Friday market opened flattish note and was trading with the positive bias during the morning session and even touched its strong resistance of 5180 and then fell sharply and closed below 5120 levels showing further weakness in todays trading.

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 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.

BANKING LOOKS WEAK FOR THE DAY.
SUGAR, STEEL & IT LOOKS BULLISH FOR THE DAY

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

TRIVENI ENG >110 SL 108 TGT 116
THINK SOFT >267 SL 260 TGT 278

Have a nice trading day.