Market outlook and trading Ideas for 16th Oct.

>> Thursday, October 16, 2008

US markets have fallen drastically.
They rise for tow days and fall fall for three days.
Dow is down 730 odd points and Nasdaq is down 150 points.
Stocks plunged yesterday as a new data points out recession. I wrote on Krugman's view on the economy yesterday.
Nikkei had open with a gap down of 3% and now is down almost 10.5%. In 20 Mins.
Straits Times has open 5% on the down side.
Accept rest of the Asian markets to open in the same manner.
Day over day many measures are being taken by the RBI to help out the Mutual Funds Co.
RBI further reduces CRR by 100 bsp. CRR is now at 6.5%.
We may see a negative opening but we would probably recover as RBI is taking many corrective measures and bringing Liquidity in the markets.
The support for the Sensex is 10240-10000-9700 and the resistance to the up move is at 11410
Nifty: (3338) the support for the Nifty is at 3198-3000 and the resistance to the up move is at 3491

Day Trading Ideas.

JP Associates.
Buy above 76 for targets of 80 & 87
Sell Below 68 for targets of 63 & 58
IndiaBulls Real Estate.
Buy above 113 for targets of 121 & 126
Sell Below 106.50 for targets of 97.70 & 92.50
Core Projects
Buy above 58.60 for targets of 63.40 & 66.80
Sell below 48.25 for targets of 45.25 & 42.10

Happy Investing.


Chirag October 16, 2008 at 4:08 PM  

All targets met today Cheers.