Market Outlook Jan 11 2011

Market started off on a dismal note. The frontline indices ended at the low point of the day with deep cuts of 2.4%. The Nifty slipped below the 5800 mark to end 141 points lower at 5,762, while the Sensex shed close to 500 points to close at 19,224.

Interest rate sensitives led the fall again. Private banks and two-wheeler stocks were the worst hit. Most midcap stocks also got hammered out of shape. Two important support levels Support level of 5854 and Support level of 5773 was broken yesterday. Look for a possible drop to the next support level till 5567/5550 we advice caution . However this level of 5767/5773 had provide support earlier , in case of bounce back from here investor should exist any long position. till the NIFTY crosses 6200 we feel the market is " sell on rise", a cross of 6200 would indicate the change in momentum .

Nifty Outlook: Key support and resistence level for 11 01 11


The [R3] or the most extreme high trading range is 6032
The [R2] or the extreme high trading range is 5969.
The [R1] or the high trading range is 5866
The [P] or pivot point is 5803
The [S1] or the low trading range is 5700
The [S2] or the extreme low trading range is 5637
The [S3] or the most extreme low trading range is 5533

Note: On earlier occasions we had been advising the caution and market fall to this level and to 5550 while the market was making upmoves ,Our prediction regarding fall of rate sensitive sectors has come true , Currently the market seems to be cheper , Long term investors should do some buy along this level and in case it goes to 5550 level. Start accumulating for long term horizon



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