Indian Stock Market Weekly Report

The week that went by

The Indian markets continued the selling during the major part of the week, but recovered a on the last day. NSE Nifty, after opening around
2813, have fell considerably to the week’s low of 2502.9; however, recovery emerged in the market from those levels and the index closed at
2693.45, shedding 117 points from the last week.
BSE Sensex lost 470 points to close at 8915.

Technical Outlook :

The Indian market Indices have recovered slightly during the last sessions of the week’s trading.
NSE Nifty have recovered after testing 2502. It is worth mentioning that the first target of the recent downside was 2550.
The current pull-back from the low is expected to continue in first part of the coming week, but selling will emerge from higher levels. This
upside has a normal target of 2755. However, the market is not expected to cross 2860; before this another downside can start.

Week Ahead :
The global cues will once again direct the Indian indices. The F&O expiry in the next week will make the trading more volatile. The FIIs are
continuing the selling in the market, which is another cause of concern.
Market need to be expected to continue the recovery in the opening days, however, selling will emerge in the latter half of the day.

Sensex Technical

05th November 2008.

SENSEX : Crossover above 10800 expect 11055 & 11257.

NIFTY: A close above 3246 NF will move up to 3477.


BSE index: (10631) Consider 10392 a solid support, keep stop loss of 10116 to your buys now.
Upward side it'll rush up to 10700 & 10795 initially. Crossover above 10795 it'll shoot up to 11055 & 11257.
Downward side break below 10116 it'll turn weak & fall down to 9775.


Nifty Future: (3150) Consider 3085 a solid support, keep stop loss of 2993 to your buys.
Upward side it'll rush up to 3182 & 3246 initially. Consider 3246 a crucial hurdle.
A close above 3246 it'll sustain on higher levels & shoot up to 3477.
Downward side break below 2993 it'll turn weak & fall down to 2880 & 2810.

STOCKS TO WATCH

REL PET: (94) Looks fantastic. Expect 97.50 initially crossover above which expect further huge up move.

REL CAP: (739) Grab it at an opening bell.

RCOM, RNRL, ADLABS & REL INFRA: Looks good only. Remain long. Crossover above 562 in REL INFRA expect further huge up move.

REL INFRA: (535) Expect 562 initially which is a crucial hurdle & trend decider for the day.

SBI & BOB: After initial up surges, some profit booking from higher levels will underway.


ICICI Bank: (459) Looks good. 485 a minor hurdle to watch out for.

KOTAK Bank: (422) 455 a hurdle to watch out for.

YES Bank, INDUSIND, KTK & IDFC: Looks good.

SUZLON, JP HYDRO, SIEMENS & L&T: Buy.

DLF: (290) Now crossover above 306 expect 352.

UNITECH: (56) Buy.

JSWSL & TISCO: Buy.