The markets gained momentum and extended the gains to give a closing above the crucial levels of 9500.
Technically the momentum doji and the 30 hema and 60 hema indicates a positive pullback to 10500 levels
However the markets can turn tide anytime to trap the over optimistic bulls and might negate their positions and again start its journey upwards.
Structurally the markets are eligible to test and show a pullback to 21.8% , 31.8% , 61.8% retracement levels of 10500 ,12400 ,16300
But before going to any conclusions and pullbacks the retest of previous lows are also likely , but the point to see is that it does after testing 21.8% ,31.8% or before. From a trading point of view ,one could remain long and exit at retracement levels to generate cash.
Astrologically November marks lots of changes in planets ,which could play a deceptive and confusing role.
The Supports for the NIFTY is at 2460-2600 levels and Resistance at 3230-3350 levels
The Supports for the SENSEX is at 8650-9200 levels and Resistance at 10300-10900 levels
NIFTY FUT OI up 2.28% with 23% decreasing volumes indicating forming of short positions at higher levels.
We expect NIFTY FUT to trade volatility. Avoid going long at higher levels.
Nifty: The trend of the market is moderately bullish. Profit taking at higher levels can not be ruled out, at all. Nifty level of 3170 is an important resistance, where bears might get active once again. Short term traders should choose to book profits around this level. More optimism will be the case only if nifty trades above this level with volumes, otherwise we may see another round of selling around this. On the downside, nifty has Support at 2885/2795/2700/2600/2450.Other Resistance levels for nifty are 3230/3350.
BSE Sensex: The Support for the Sensex is 9200 and after below that we can see previous low again. But Sensex will face good Resistance of 10,300 if it manages to cross that then the next important level to watch for would be 10,900 in 2-3 trading session only.
Market is taking up move with low volume, which is very dangerous; just now there is no strength in the market. We are giving this warning again that if Nifty Spot do not cross the level of 3230, those investors who make position between the levels of 8000 to 10000, so investors do less their position now other wise all can trap on higher level once again.
On the Tuesday, Opening is flat to up
If Nifty Future trade above the level of 3025-30 then it can go up to the level of 3100/3145/3175( Sl Blw:3005),
But If Nifty Future goes to break the level of 3010-05 then it can go below the level of 2980/2930/2900/2820/2780( Sl Abv:3030).
On the Tuesday market can also be range bound
NIFTY FUTURE
Supports : 3025/3000/2980/2955/2915
Resistance : 3100/3120/3145/3175
SENSEX
Supports : 10175/10015
Resistance : 10300/10435/10535
Supports : 2975/2920/2890/2820
Resistance : 3095/3120/3170
Intraday
Buy BHARTI Above @ 690 Target 710-725-735.
Buy BOMDYEING Above @ 200 Target 205-215-225.
Buy GUJAMBUJA Above @ 65 Target 67-70-75.
Sell M&M Below @ 375 Target 365-350-315.
Sell POLARIS Below @ 45 target 43-40-35.
Sell UNITECH Below @ 50 Target 45-43-35.
INFOSYS : Sell @ 1405 +1435 or best @ 1415 with SL 1455 T 1360 / 1345
TATA POWER : Sell @ 720+730 or best @ 725 SL 740 T 700 / 695 / 670
ACC
BUY ABOVE 519,Sl 514,Tgt 524-532
SELL BELOW 507,Sl 513,Tgt 502-494
HDIL
BUY ABOVE 140,Sl 139,Tgt 141-144
SELL BELOW 137,Sl 139,Tgt 135-133
SBI
Buy @ 1200 SL 1185 T 1250/1270
If open high Sell intraday @ 1295 with SL 1315 T 1250 / 1240
Buy Ranbaxy Abv 193-195
Buy Relcapital Abv 712-715
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