Market outlook and day trading ideas for 19th Nov.

>> Wednesday, November 19, 2008

US markets ended positive. Citi group is to cut 50K jobs.

Three top automakets beg for 25 billion $.
Asia has opened weak.
We may have a flat to positive opening. If we have a gap down opening it would be of max 120 points on Sensex.
I expect Sensex to recover from days low.
The support for the Sensex is 8649 and the resistance to the up move is at 9320
Nifty: (2683) the support for the Nifty is at 2596 and the resistance to the up move is at 2872-2927.

Day trading ideas.

Buy above 486 for targets of 491 & 495
Sell below 471 for targets of 467 & 462

Buy above 770 for targets of 777 & 783
Sell below 758 for targets of 751 & 747

If markets have a huge gap up opening I would short both of them.

Happy Investing.
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