Quotes with Resistance & Support
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Whats next in store for us?

This article was posted on Oct 15, 2009 and is filed under Market Outlook

Nifty close’s above its resistance level of 5080 for the frist time since May 2008. Sensex made a high of 17,274 and a low of 17,117, and finally closed at 17231 204 points up. Dow on the other side seems to be heading towards 10,000, all these factors indicate that we might see some more up-move in the next coming sessions.

At the same time foreign institutional investors (FII) are participating more than the retail investors and traders and are allotting their funds to the Indian market, the market is likely to strengthen further due to liquidity.

Telecom today too took a beating. making investors worry weather they should hold on or sell their holdings in the mentioned sector.

FII’s on Wednesday made a net investment of 1444cr in the cash market strengthening our markets. Total FII buying in the month of October accounts to 30,659 cr, Net buying amounts to 3077cr.

Technical Outlook

The 5 DMA for the nifty is 5021, 20 DMA is 4983. The next resistance for the nifty is 5170. A close above this could take us to 5230 levels and further, Mid-caps and Small-caps could also perform well in the rally.

The RSI for Nifty is 60, indicating that it could enter the overbought region.

It is expected that the rally might continue till Diwali, Nifty wont be able to hold onto 5200 levels for long as some profit booking would come in.

Telecom Sector

The most talked Telecom sector is likely to do well in the long term, Bharti seems attractive a current price of a long term bet in the Telecom sector, Technically Bharti has broken all support levels, but considering the companies’ long-term dividend yield and its expansion plans its always seems a good bet.

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