STOCK MARKET REVIEW
CNX Midcap index was up by around 2.35% and S&P CNX 500 gained around 2.59% while BSE small cap index and Midcap also gained around 0.88% and 1.51% respectively.
SENSEX ended at 17,804, up 515 points. It had earlier touched a day’s high of 17,908 and NIFTY closed at 5,353, up 152 points over the previous close. It earlier touched a day’s high of 5,399.
Market today closed in green terrain indicating that the Bull Run is going to start after the positive global cue and the expectation that the solution for the European crises will be reached at very soon.
Stock market is more likely be bullish as it broke the technically strong resistance also thee strong fundamental worldwide seem to support the market .
Today’s Nifty Top gainers were:
HINDALCO, which surged around 11 %,
RELIANCE INFRA which climbed by 9.6%, and
STERLITE surged around 8.7 %
Today’s Nifty Top losers were:
BPCL with volume and fell about 3.1%
MARUTI SUZUKI fell almost 2 % and
BHARTI AIRTELL fell around 0.3% in the positive market.
TECHNICAL CALLS FOR TODAY
LUPIN
LUPIN closed today’s session at 474.65. Support and resistance levels for the share for the next trading session are:
Resistance 1-484
Resistance 2-491
Support 1- 466
Support 2-460
INDIAN HOTELS
INDIAN HOTEL closed the trading session after good Q2 results at 69.85. Expected levels for this script are as follow:
Resistance 1-71.50
Resistance 2- 73.25
Support 1- 68.00
Support 2-66.25
TATA MOTORS
TATA MOTORS closed trading at 206. Expected resistance and support levels for the scrip for the next trading session are:
Resistance 1-209.35
Resistance 2- 212.45
Support 1- 203.25
Support 2-201.10
NIFTY OUTLOOK FOR TODAY:31st October 2011
Stock market is more likely to be bullish next week due to strong fundamentals. In the last trading session Nifty closed at 5,353, up 152 points over the previous close and The Sensex ended at 17,804, up 515 points the previous close. Market is expected to trade between the following ranges in the upcoming trading session:
SUPPORT AND RESISTANCE:
The Support and Resistance Zone for Nifty Spot levels would be
Support 1: 5300 Support 2: 5250
Resistance 1: 5395 Resistance 2: 5450
Bank Nifty Futures strongly seems to trade between 9800–10135 in narrow perspective and in broad perspective it seems to be vary between 9695-10295.
SUPPORT AND RESISTANCE:
The Support and Resistance Zone for Bank Nifty Futures would be
Support 1: 9800 Support 2: 9695
Resistance 1: 10135 Resistance 2: 10295
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