Market Outlook Feb 24 2011

The Nifty ended below the 5450 level on Wednesday. NSE Nifty dropped 31.85 points or 0.58%,
to end at 5,437.35 and the  BSE Sensex fell 117.83 points or 0.64%, to settle at 18,178.33.

Crude prices jumped to $100 /barrel  as violence appears to escalate in Libya and threatens to spread elsewhere in the Middle East. With unrest spreading across the Middle East, and as   much as half of Libya's oil production shut down, Nomura Securities is forecasting oil prices will hit $220 a barrel if Algeria sees significant unrest.

Investors are advised to seek oil stocks as this unrest may spike the oil stocks prices higher. Stocks to watch

Reliance industries
Cairn India
Siv vani
ONGC
GAIL

Please do avoid the OMC , as higher crude price will hit their input cost and adversly impact their margins.
Avoid BPCL, HPCL and IOC for the time being

<b><u>Next Day Trading Ranges : Key Resistences and Support Areas</u></b>
The [R3] or the most extreme high trading range is 5559.
The [R2] or the extreme high trading range is 5521.
The [R1] or the  high trading range is 5479.
The [P] or pivot point is 5457.
The [S1] or the low trading range is 5411.
The [S2] or the extreme low trading range is 5385.
The [S3] or the most extreme low trading range is 5322.



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