Quotes with Resistance & Support
Market Information

Market Review, update & trading ideas for 17-11-09

This article was posted on Nov 16, 2009 and is filed under Market News

Nifty ended at 5058, hardly moving in a 20point range all day. Nifty Closed above an important resistance level of 5020. Nifty faces some resistance at 5075, above this level Nifty can head up to 5150. Strong support for nifty is at 4930-5020.

One can go long on nifty above 5075 for a target of 5150, with a stop loss at 5020

Global markets remained strong with positive queues. Positive news flows from international markets like Japan which reported better than expected GDP growth during the quarter ended September 2009. Asian and European markets traded higher today. Hang Sang was up 1.73%, Nikki up 0.21%, Shanghai up most with 2.75%. European markets are also up between 1-2%

FII/DII Activity: FII’s were net buyers worth Rs. 545cr and DII’s were net sellers worth Rs. 824cr.

Trading Idea’s

DLF Ltd : DLF did not participate yet in this rally from 4550 to 5050. Today, DLF was up 5% at 285 and added 14 lakh shares in open interest. It is safe to assume that that buying interest is back in this stock and could add another 5-7% in coming days. For intraday one can enter this stock at cmp: 385 for a target of 396 with stop loss at 378

IRB Infrastructure:

IRB infra has recently been facing resistance at 275. It’s made intraday high of between 270-275 in last 5 trading sessions. Once it manages to cross 275 it can head up to 284. Buy above 275, target: 284. Stop loss: 269.

Option calls:

Nifty closed above important resistance level of 5020 and can move upto 5150 in short term.. Small resistance comes in at today’s intraday high of 5075.

One can buy a 5100 call with strict stop loss at 5020.

Delivery calls:

Buy ICSA at 176, target: 188. Stop loss: 165

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