13/11/09 - Market cues & calls

Finally profit booking witnessed from cheap bulls. Still strong bulls accumulating at lower levels for 5200.Blue channel analyst still shouting short @ higher levels.When 5200 comes they will ask people to buy where smart money releases their Position.Dollar Index @ 15 month low. Until dollar founds some bottom FII inflow will continue in Indian markets.Gold Made our target 1120$ yesterday. Next target in gold is 1166$ with some retrace to lower side. Long term target sets @ 1300$.Banks continue to be dragging side on markets.so how markets will play today lets see.

Nifty view ::

As said yesterday 4966 and 4919 came below that bears cant able to hold and bulls bought it where we saw strong recovery @ end. Today bears will eye for 4970 to take a short for yesterdays low and below that.Nifty made Inside day yesterday where breaking low or high will give solid points which we saw on past.Until we close below 4875 buy @ dips for new high.Lack of buying @ higher levels witnessed yesterday. I strongly feel Longs will get liquidated here. 5050 is big resistance,hope it will be taken next week.Operators can take advantage of closing market below previous week close to make retailers feel market is weak.Today's game plan is if nifty opens gap down take a long for 4988 and 5005, rather if it opens around 4988 short for yesterdays low. Hope smart money will close nifty above 5000 mark today,lets wait and watch.

Levels ::

Bearish > 4974 < Bullish

Stocks to watch ::

Kirloskar oil
Mahindra Ugine
Shoppers stop
WWIL


Happy trading !!!!!!!