Sunday, November 14, 2010

Indian stock market outlook for next week - November 15 to 19, 2010

Indian stock market outlook for next week - November 15 to 19, 2010


The Indian equity benchmark NSE Nifty closed at 6071.65 which was down by 240.8 points or 3.81% by last week after Diwali. BSE Sensex also tumbled by 848.07 points or 4.04% to 20,156.89.

Stock Market Last Week

The strong close of the Diwali week made the confidence to investors that the momentum could carry the Sensex a little higher beyond the previous peak of 21,207 before correction sets in. But the decline last week suggests that a five-wave move from 15,960 low formed on May 5 could have been completed at 21,108, a tad short of the previous week.

The targets for the 5th wave from 15,960 low are 20,922, 21,638 and then 22,460. So, the most like targets for a medium-term corrextion are between 19,563 and 19,141. Resistances for the week ahead would be at 20,500 and 20,750.

As the same for Nifty, the target of the 5th wave from 5,937 trough was at 6,290, 6,509 or 6,760. The index however has strong support around 5,960 and traders should watch out for reversal from this zone.

- Free Indian Stock Tips Team

2 comments:

  1. I agree with u my sup level of spot is 5942 for u turn

    ReplyDelete
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    ReplyDelete