Archives : DAILY MARKET OUTLOOK : 16/04/2009

DAILY MARKET OUTLOOK : 16/04/2009.

Oscillators and Patterns suggest a retracement of the short term rise. The most dangerous time for the market is when the trend starts to reverse. Best strategy for traders is to avoid trading and wait for the confirmation.

Once again the market is flirting with the 200dma and it wont be easy to overcome this level, so volatility will be high at Nifty 3421 and Sensex 11290.

Sensex Resistance 11098-11290-11367. Support 10853-10719-10540.

Nifty Resistance 3420-3462-3511. Support 3339-3311-3240-3198.

Short Tata Motors 241 SL 264 Tgt 232-221-197.

Short Tata Steel 269 SL 285 Tgt 243-235-227.

Short GDL 72 SL 75 Tgt 66-63.

Short Bal Chini 68 SL 72 Tgt 62-55.

Aggresive very short traders can think of buying

Buy NTPC 197 SL 193 Tgt 203-209.

Buy SBI 1260 SL 1240 Tgt 1324-1355.


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