NIFTY DAILY OUTLOOK NOV 16, 2010

On Monday, market opened flat and traded in a small range thru out the day however during final hour of session buying helped market to recover and closed up in Green. Banking and Pharma outperformed whereas Realty sector was under selling pressure. Overall it was a highly volatile trading session. Volume for the day was lower then previous trading session. Market breadth was negative. Midcap Index closed up in green and small caps index closed down in red.

For the day, the level of 6090 and 6035 may act as a major support for the market and the level of 6150 and 6205 may act as a major hurdle. Be cautious at higher levels as selling is expected.

"Spot Levels" Day trader can go long on nifty above 6150 with stop loss 6120 for target 6205 / 6255 and can go short below 6090 with stop loss 6125 for target 6035 / 5985.

INDEX RANGE

NIFTY: 6121.60
Range: 6035-6205
Resistance: 6150-6205-6255
Support: 6090-6035-5985

BANK NIFTY: 12762.20
Range: 12605-12935
Resistance: 12830-12885-12935
Support: 12715-12660-12605

Short term: Down (6130)
Medium term: Up (5930)
Long term: Up (5500)

Cash Market Trading Activity (Prov. Figure in Rs. Crores)

Cat: Buy Val - Sell Val= Net Val
FII: 2586.46-2272.78= +313.68
DII: 1189.35-1192.74= -3.39

All Above Spot Levels