Market View 12 November 2007

SHORT TERM CORRECTION

Technical break down & also global weakness will help the markets to come down by more then 300 to 400 points today. Technically speaking a close below 19200 for sensex can come down to 18400 & 17500 levels. Same for nifty if closes below 5750 can come down to 5550 & 5400.

One can relook again for value at this levels. Around Diwali we expected Sensex to be around 20500 but b4 that Sensex hit 20238 just short of tht tg.

For trend reversal again the nifty needs to close above 5950 for 2 to 3 consecutive sessions then we can see again 6200 - 6300.

We would like to update few sms sent :

Market Outlook : Bearish, As told on Friday profit booking wil be there in sessions to come,

Technical Outlook : As nifty is trading below 5750 can test 5500 - 5550 as these are very good supports , Also Sensex Closes below 19200 , can now test 17200 - 17500 levels

MARKETS ARE DOWN BY 450 POINTS BUT VERY LESS VOLUMES THERE SO THOSE WHO HAVE SHORT POSITIONS PLS TAKE CARE

Markets seems to be halted at this junction as in range of 5500 - 5550 as said in morning, if in afternoon Europe opens good then we can see some recovery. Sensex down by 420 points & Nifty down by 130 points

Last week we had hinted of price hike in Oil prices due to higher crude prices , if this hike comes then the Best beneficiary would be Oil refining & oil marketing companies like : RIL, RPL, HPCL, ONGC, BPCL, IOC, BONGAIGON REF, MRPL, ETC

All this sms were sent today morning.

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AXIT SHAH
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