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Market Outlook 24 November 2014               some interesting links >


Nifty (8477.35, +75.45, +0.90%)

Buoyed by the Chinese rate cut to boost their economy, the Asian markets are strongly up this morning. As we write this Market Outlook, the SGX Nov Nifty is trading with a gain of 56 points at 8544 on high volume activity. This indicates a gap-up opening here when the market opens. Today, the index level of 8546 is likely to act as a strong resistance and the major resistance for the day would be at 8625. The whole range between 8546 and 8625 is likely to act as a strong supply zone; profit taking led selling is highly probable at that zone. We tend to think that it would be very unlikely that the index is going to cross this zone at the very first attempt. Thus part profit booking--for short term long positions--if the index were to reach the above-mentioned zone would be a prudent course of action. On the downside, the immediate support zone would be 8438 and 8423—unless this zone is violated decisively, the bulls need not worry.

  • Most critical zone for the day: 8505 – 8520

  • Strong resistance: 8546

  • Major resistance: 8625 – 8631

  • Strong support: 8438 – 8423

  • Major support: 8353 – 8320


Bank Nifty (18056.30, +411.25, +2.33%)

This index has already tested its upward target zone between 18135 and 18170; now, it remains to be seen whether it crosses and sustains above that zone or not. We tend to think that it could well invite some profit taking at levels between 18135 and 18170 or even if it were to reach higher levels than 18170 initially getting a boost by strong opening cues from other Asian markets it would still invite some profit taking at such higher levels. However, we need to keep in mind that whatever be the extent of that probable profit taking led selling at higher levels so long as this index does not fall below the strong support zone between 17850 and 17750 now, its bullish momentum is not going to be affected much. Thus, there could again be fresh buying at lower levels since it is liquidity that is driving the market.
  • Most critical level for the day: 18000

  • Strong resistance: 18135 – 18170

  • Major resistance: 18423 – 18619

  • Strong support: 17850 – 17750

  • Major support: 17601 - 17465

 




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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