Market Outlook and day trading ideas for 6th Nov.

>> Thursday, November 6, 2008

US markets down on an average of 5%.
Asia has opened weak.
India is bonded to open low.
I expect market would go down at least 400 points before it starts recovering.
Yesterday we saw a profit booking session and th great blue chips being beaten out. Big daddy Reliance Ind. was down over 12%
The support for the Sensex is 9704-9321-8938 and the resistance to the up move is at 10300

Nifty: (2995) the support for the Nifty is at 2863-2746-2630 and the resistance to the up move is at 3050

Day trading ideas.

Praj Ind.
Buy Above 74 for targets of 76 & 19
Sell below 68 for targets of 66 & 64.10

Buy above 1401 for targets of 1425 & 1440
Sell below 1350 for targets of 1338 & 1318

Buy above 20.40 for targets of 21.70 & 23.80
Sell below 18.20 for targets of 16.90 & 14.70

Happy Investing.

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