Stock Advice and Market Outlook for 11th August 2009

On Monday, 10th August 2009, the markets witnessed extreme volatility aided by heavy selling pressure across all the counters. Intense profit booking on a positive opening and huge selling by FIIs (Foreign Institutional Investors) on poor monsoon expectations pulled the markets down.

As predicted yesterday 4432 proved to be the intraday support for the Nifty and 4542 proved to be the intraday resistance for Nifty.

Nifty finally closed at 4437.65 losing 44 points or approximately 0.98 %

Intraday Support for the market shall be 4385 & 4340 while the market will experience a resistance at 4490 & 4530.

Trading Tips for 11th Aug, 2009:

If Nifty Trades above 4455 then Buy-

Buy ABAN Offshore above 1040 with a Stop Loss of 1022 for a target of 1090.

Buy BHEL above 2158 with a Stop Loss of 2135 for a target of 2200.

BuyAXIS BANK above 846 with a Stop Loss of 840 for a Target of 865

Buy SUZLON above 81 with a Stop Loss of 81 for a Target 85

If Nifty Trades below 4415 then Sell-

Sell MARUTI below 1240 with a Stop Loss of 1255 for a Target of 1218.

Sell ICICI BANK below 714 with a Stop Loss of 723 for a Target 704.

Sell AMBUJA CEMENT below 98 with a Stop Loss of 102 for a Target of 96

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