NIFTY OUTLOOK FOR 11 & REVIEW

KEY DATA TO DRIVE MARKET

Nifty                               8363 +19
Nifty traded in a narrow range (within the low and high of Monday) and closed at the upper end of the range suggesting further bullishness. But it all depends on the key statitistical figures to be released i.e., IIp, and Inflation numbers. If it breaks out on the upper side, Nifty could go upto 8500 / 8550.  Short term trend continues to remain positive  and stoploss  may be  continued at 8275 (on close basis).  Nifty spot is expected to encounter resistance at 8400,, 8440 and find support at 8320, 8275 for Wednesday. As Nifty is closing in a tight range for the last couple of day, a decisive and directional move can be expected in a day or Two. While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to witness zigzag movements.

NIFTY ANOTHER RECORD
The BSE Sensex today gained 35 points in a volatile trade while the NSE Nifty settled at record closing high of 8,362.65 points on continued foreign funds inflows ahead of inflation and IIP data tomorrow.
The 50-share Nifty continued its record-setting run for the second straight session and ended up by 18.40 points, or 0.22 per cent, at all time high of 8,362.65. It shuttled between 8,378.70 and 8,321.85 in day trade.
The BSE barometer Sensex opened on a strong footing and rose to intra-day high of 27,996.92.
But later it succumbed to profit-booking at near record levels and touched a low of 27,790.40 before settling at 27,910.06, a gain of 35.33 points, or 0.13 per cent, over previous close. The 30-share index had closed at record high of 27,915.88 on November 5.
A positive momentum after government's reforms process and a firming trend at global markets buoyed the trading sentiment, brokers said. Global crude prices dropping to four-year low also helped the positive momentum, they added.
Brent crude for the December delivery eased 22 cents to four-year low of USD 82.12.
Foreign portfolio investors bought shares worth Rs 355.30 crore yesterday, according to the stock exchanges' data.
However, profit-booking at some counters ahead of inflation data for October and IIP numbers for September to be released tomorrow, slowed down the rally to some extent.
Of 30 Sensex stocks, 16 scrips led by Axis Bank, ICICI Bank, HDFC, SBI, HDFC Bank, GAIL, RIL, Maruti Suzuki, M&M, L&T, Tata Power, Tata Steel, TCS and Sun Pharma gained.
On the other hand, Infosys, ITC Ltd, Bharti Airtel, BHEL, Coal India, Dr Reddy's, Hero MotoCorp, Wipro and Sesa Sterlite finished lower.
Sectorwide, the BSE Realty index gained the most by rising 1.05 per cent, followed by Banking index by 0.74 per cent and Auto index by 0.68 per cent.
Indicating firm sentiments, the breadth of the market was positive with BSE midcap index rising 0.72 per cent and smallcap index by 0.24 per cent.

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