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Friday, October 9, 2009

Sensex & Nifty Outlook - Oct 2009

Its always difficult to predict the market movement! Looking at levels of sensex & nifty, a correction is due. Levels of 14500-15200 will be good entry level for sensex stocks. But we need to keep some more patience as earning season is started and correction in market may get extended further.
Nifty strong resistance is at 5250-5300, currently shows range bound movement at 4950-5050. Good levels to enter in Nifty stocks is 4200-4400.

Oct 09 is expected to show positive trend rather than negative. We may see sensex at 17500 and nifty at 5200 in the same month depending upon Q2 results. Corporate giants may surprise dalal street posting better than expected Q2 results. Banking & Infra stocks are likely to outperform as that of past. Downside movement could be triggered by IT sector. Dollar weakening as compared to last quarter may hit margins of companies in IT space. We can expect a range of 16000-17500 for sensex and 4800-5300 for nifty in October series.