Market Outlook and day trading ideas for 7th Nov.

US markets fall down for second consecutive day.
Europe was down over 6%. US down over 4%.
US stocks fall as Long term jobless benefits hit 25 years high.
Yesterday I said markets will go down till 400 points before recovering. And it did the same but the inflation numbers were disappointing it came at 10.72 percent for the week ending October 25 2008 which was up from versus 10.68% during the previous week before October 25 2008 so the markets fall again after a smart recovery in afternoon.
The support for the Sensex is 9321-8938 and the resistance to the up move is at 10000
Nifty: (2893) the support for the Nifty is at 2863-2746-2630 and the resistance to the up move is at 2975.
Today Expect a gap down opening of at lest 350 points on Sensex.
Markets expected to dance on global pears.
It will open on bases how the whole Asia is trading and in mid - afternoon it will see how Europe opens.

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Day Trading Ideas.

HDFC
Buy Above 1060 for targets of 1080 & 1095
Sell Below 1035 for targets of 1020 & 1005

SBI
Buy above 1227 for targets of 1245 & 1259
sell below 1221 for targets 1204 & 1189

IFCI
Buy above 19.20 for targets of 20.10 & 21.05
Sell below 18.45 for targets of 17.8 & 16.90

Happy Investing.

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