So Whats The Next Stop For The Markets?

22 Nov

Posted by Shyam as IntraDay Calls

The markets opened the day in a weak note with both sensex and nifty losing.The sensex touched the days low of 18,199 points and from there it recovered nicely to touch intra day high of 18,686 just before closing.But at the end of the day it lost 76 points to settle at 18,562 points and nifty lost 42 points to settle at 5,519 levels.

The key losers included Reliance energy,DLF,NTPC,L&T,ONGC,RCom etc.Finally the market was lead by some banking stocks like PNB,Kotak Bank,Federal Bank, HDFC, ICICI, Andhra Bank.The US markets will be closed on Friday due to ThanksGiving Day Celebration so the sensex will be mostly affected by the movements of the key Asian Markets.

The Nifty has a good support levels at 5475 levels and sensex at 18,300 levels.Once these levels are breached a further downslide is expected in the markets.The next resistance levels for the markets would be at 5,700 levels for nifty.Meanwhile BHEL has won a major deal today worth 2,108 crores from Maithon Power Limited(MPL).So we expect a surge in the script tomorrow.

For long term players the best choice would be to accumulate scripts like Reliance, L&T, NTPC, Neyveli.For short term players have a watch on

GMR                            cmp 224
RPL                             cmp 203
GMR industries         cmp 172
Himadri Chemicals    cmp 707
Energy Developers    cmp 338
Gwalior Chemicals     cmp 87
ONGC                          cmp 1149

Happy Trading.!

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