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Market Outlook for 11.11.11
Nifty closed at 5221.05 slipped 68.30 points & Sensex closed at 17362.10 on 09.11.11. Market started in green yesterday and traded range bound. But came down sharply at the last hour of business due to Global and domestic cues.
Worries over the Italian debt crisis spread even after the Italian Prime Minister's readiness of resignation. European & US markets were also in red yesterday.
SBI fall 7% on account of worries over its assets quality too added severe pressure on the market and also the down grade of Indian Banking system from stable to negative by global rating agency Moody's led Indian markets down
Banking, reality, metal, oil & gas, auto & capital goods were dragged the market down. IT & FMCG were only in green. The market breadth was negative with advances 307 & declines 1001 on NSE.
NIFTY View for Tomorrow :
For the time being 5145-5165 may act as solid support for the Nifty and 5335 will act as resistance.
Above 5238.25 Nifty may try to hit 5253/5271/5289 & 5308 while on down side below 5220 Nifty may go up to 5204/5186/5168/5150
Stock Tips for Tomorrow 11 November 2011:
1. Buy HUL 389-392 Stop Loss 374.50 Target 415/424
2. Buy Jet Airways 250-258 Stop Loss 219.35 Target 272.50/293/305
Buy Great Offshore Ltd at/above 125.05 SL 105.75 TGT 137.75/143.05 - 6 months Hold.
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