Broader outlook for the Week and Nov 18th

Week that was
Key benchmark indices edged lower on concerns the US Federal Reserve may reduce monetary stimulus for the world's largest economy sooner than expected. However, bourses cut losses on final trading session of holiday-truncated week after Reserve Bank of India (RBI) governor, Raghuram Rajan evening Wednesday, 13 November 2013 dismissed worries about a return to market turmoil and rapid falls in the country's fragile currency. The 50-unit CNX Nifty regained the psychological 6,000 mark after sliding below that level amid high volatility during the week. The market dropped in three out of four trading sessions in the week. FIIs, the key driver of Indian markets, have purchased shares worth a net Rs 4002.20 crore in November 2013 so far (till 12 November 2013) and DII's were selling throughtout the week and they were selling more than FII's were buying, but things have changed again on Thursday with more FII buying than DII selling.

Weak Ahead
The market will closely watch the direction of the rupee and the investment activity of foreign institutional investors (FIIs) as we dont have major events this week both domestically and internationally .On the domestic front, the rupee is fast losing its fizz against the dollar. The currency has crossed the 63-mark against the US greenback. A weak rupee will hit companies with high imports and high foreign debt adversely. A weak rupee makes imports costlier. On the other hand, IT companies stand to benefit from the rupee's decline.

Short Term Trend
Nifty after it strong move on Nov 14th is on a short term uptrend, but need confirmation and  close above 6100 for some one to be long for short term trade  which is a strong resistance area for a could move to 6130, 6160, 6189 and 6215 with a SL of 6050 and on the lower level close below 6050 could lead to 6010, and 5975 again. I feel close above 6100 for two days is very key for strength in Nifty.

Intraday Levels
Huge gapup is expected by as indicated by global cues and we may open above 6110 which is again a difficult level to trade in Nifty. You may get chance at 6130 levels for either way but need to follow strict SL. If Nifty can sustain above 6130 we could see 6145, 6160 and lower side below 6105 we could see 6090 and 6085. In stocks you will get some chances in Banks, Auto and Capital Goods.

Must Trades for the day
Yesterday my must trades did very well and I am expecting Dabur,RelInfra, CESC, AuroPharma, and LIC Hsg to do well either way. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.


Pivot levels of key stocks