End of day summary and outlook for 22Nov06

Today also, as predicted markets were positive and Nifty sustained above 3900.00 to march ahead till 3920.00 I would not advise to go long in this too as the next resistance of 3940.00 is very close. Think to long in in Nifty only after a close above 3940. The NSE Nifty closed at 3918.25 with a gain of 62.10 points. The gain sustained throughout the day and there was no slip in the entire day. The BSE sensex closed at 13616.77 with a handsome gain of 186 points. The FIIs were net buyers in all segments today. They were net buyers in cash segment to the tune of 222 crores, Index futures to the tune of 630 crores and stock futures to the tune of 31 crores. The shorts at the lower levels of yesterday are definitely trapped and a few of them might have covered their shorts at a loss today around 3900.00 The markets went up with a good advance decline ratio as well.

The outlook for tomorrow is sideways. Watch out for the spot Nifty level of 3930.00 which is very crucial for further rise in the market. The trendlines in Nifty are narrowing and the breakout can happen on any side. Upgrade your stop loss on Nifty futures to 3865.00

Disclaimer: The recommendations provided would be purely on my personal opinion and doesn't reflect any fund house interest or my personal holdings. I would not be responsible for the loss in trades undertaken based on my recommendations.