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Market Outlook 28 November 2014               some interesting links >

Nifty (8494.20,+18.45, +0.22%)

The November series in derivatives is behind us now; what happens next? Almost anybody connected with the market is now asking this question. The point is that the market itself is not offering any reliable clue as to what it does next. The only thing that remains is the fact that the bullish undertone remains yet some correction has to be there. For today, the range between 8484 and 8475 would act as a trend decider. Falling below 8475 on good volume, the index would start emitting ‘not all is well’ signal. However, so long as the index stays above 8415, the bullishness is going to continue.

  • Most critical levels for the day: 8484 – 8475

  • Strong resistance: 8515 – 8555

  • Major resistance: 8626

  • Strong support: 8453 – 8423

  • Major support: 8357 – 8320

Bank Nifty (18022.50, +46.55, +0.26%)

There are two key levels that we need to watch for in today’s session: 18170 on the way up and while going down the level of 17846. Unless either of these two gets taken out decisively, any directional move is not possible; it would be a range bound scenario then. For this uptrend in the index to become suspect and the possibility of its getting terminated becoming a reality, you need to watch out for 17828 through 17740 range , which would then have a larger role to play...Even this index is not showing any clear sign of directionality in its price movement.
  • Most critical levels for the day: 18170 (upside) and 17846 (downside)

  • Strong support: 17846 – 17740

  • Major support: 17691 – 17595

  • Strong resistance: 18135 – 18170

  • Major resistance: 18281 - 18437


Note (1): Either on the long side or on the short side if at any moment a counter is not moving beyond an initial or interim target to the final target book profits. Once initial target is crossed, you can use that as your trailing stop-loss level.

Rajat K. Bose
Notes (2): (please read).
* All prices relate to the NSE, unless otherwise mentioned.
* Calls are based on the previous trading day's price activity.
* The call is valid for the next trading session only unless otherwise mentioned.

Stop-loss levels are given so that there is a level below/above, which the market will tell us that the call has gone wrong. Stop-loss is an essential risk control mechanism; it should always be there.


Book, at least, part profits when the prices reach their targets; if you continue to hold on to positions then use trailing stops to lock in your profits.


Don't chase a stock, if you are unable to buy a stock because it hits circuit levels on successive days, don't buy that.

* The analyst and his clients may or may not have positions in the securities mentioned above.
Trading involves considerable risk. Trade at your own risk to the extent you are comfortable. The analyst shall not be responsible for any losses incurred for acting on these recommendations.
Rajat K Bose

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