11/11/09 - Market cues & calls


Both Bulls and bears fought heavily with bears on upper hand with a swing of 100 points. As said yesterday many news flowing in street about Reliance which not allowing to move. Many big fund houses upgraded long in Reliance. SBIN keep on moving which helps Nifty to hold support zone. So will Nifty able to hold this zone lets see.

Nifty view ::

Nifty opened gap up and struggle to cross 4950. So 4965 level will be strong resistance for Index. and 4810 will be strong support. Hourly chart suggest some retrace until 4829 level fail to hold will make nifty to fall until 4773 where final support pegged in. Big Boy Reliance making trouble for Bulls. Nifty Holding yesterday's low will make index to cross 4950 today, where we need to watch volumes. Once crossing with volumes bulls will hold the week.Today I expect nifty to gap down where you can take long with strict SL @ 4848, rather if it gap up short for 4875 . Holding 4909 bulls will rule for 4965 and below 4851 bears will rule for 4810.

Levels ::

Bearish > 4893 < Bullish

Stocks to watch ::

ITI Ltd
Taj GVK Hotel
NCF

Happy trading !!!!!!