Market Outlook from Make My Stocks

Market outlook

Dow: Flat with Positive bias   
Asia: Mix

The US market closed Positive and Asian markets are Mix. Indian capital markets last week made 52- week high and gave strong close lead by all sectors while banks, Pharma and IT sector over performed.We expect markets to open flat some profit booking may but it should be taken as buying oppourtunity.

Sector and Stock Specific Outlook

•    Market view: Choppy with positive bias, stock specific (quarterly results declaring stocks) there will be good movement
•    Sector-specific: Banks looks bullish.

•    Short –term Stock –specific – Positive bias
      BGR Energy, HDFC Bank, Bajaj Auto, ITC
     
Technical outlook daily (Nifty Cash levels)
NIFTY (6313↑30)

Last week Nifty was bullish and gave close at 6312.5 up 295 points, 4%. Nifty has given flag breakout o weekly time frame at 6151, which gives can lift Nifty up till 6824 in near time. In last week out of 5 trading sessions Nifty has gave gap up opening in 4 trading sessions which has made gaps on daily chart which is left unfilled, indicates its strength for coming trading sessions.

Nifty has broken “W’ formation on daily chart at 6234 supported by good volumes this gives an indication that Nifty may move up to 6500 level. Price extension and Pivot Points are also giving resistance near 6500. For short all price patterns and moving averages are giving bullish indications with resistance near 6500 if Nifty will be able to cross and sustain level of 6520 we can expect further up move but currently 6500 is strong resistance for Nifty to cross. 

Market is near to its all time high of 2008 which is expected to be crossed on the above mentioned technical facts.

Nifty Intraday (Cash levels)
Support levels: 6297-6245-6211
Resistance:      6338.5-6357-6406

Markets expected to take resistance at 6406 than 6515. Strategy would be to buy above 6338.5. Don’t trade on initial 15 mints basis.  

Derivative trends (F&O):
Nifty Nov futures: 6325 (premium: 12 Points)
Index Put Call ratio:  1.38

Markets gave gap up opening on Muhurat session but closed marginal below its opening rate at 6312 on muhurat session .P/C ratio for the current series is at 1.38.

Market Statistics

The total turnover in cash market on NSE amounted to Rs. 4223.74 Cr.FII were net buyers of Rs.  167.47 Cr. on NSE and BSE in Capital Market Segment while DIIs were net buyers of Rs.23.9 Cr. on NSE and BSE in Capital Market Segment on diwali muhurat session.

FII were net buyers of Rs. 60.68 cr. in index futures and net buyers of Rs. 280.31 cr. on in index options yesterday. FII were net buyers of Rs 27 cr. in stock futures and net sellers of Rs. 2.42 cr. on in stock options yesterday.

Quarterly Results:

Jindal Saw Ltd

Aban offshore

State Bank of India

IDFC

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Analysis by Bharti Navlani