Intraday market outlook for 11November

On 11November, Nifty fut is having support at 4830 level, once this level is breached and sustained then we can see lower levels of 4802-4780-4755. As we have mentioned in our earlier market view 4945 level is a major hurdle for the bulls, and exactly the same happened yesterday. Any rise till this level will be an exit opportunity for long positions, as the new uprise movement will start only after the crossover of 4945 level with good volumes. If Nifty fut is able to do so then we can expect higher levels of 4972-4998-5015. Looking at the current scenario, Nifty fut is struggling at higher levels with intermediate resistance at 4920, so traders must stay cautious.

We recommend all traders to watch the range 4830-4945, as this range is crucial for further market movement and breakout on either side with high volumes will show sharp movement. As told by us yesterday also, dont leverage long positions at higher levels until Nifty fut crosses 4945 level. Failing to cross 4945 once again, will make markets weak and we can see steep downside movement of 70-100pts in markets in short time. If so happens then one must stay alert around 4770 level on downside.

Nifty Levels

Resistance - 4920-4945-4972-4998-5015

Support - 4830-4802-4780-4755-4732

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Intraday Calls

• Nestle Ind abv 2665 tgt-2685-2700-2732+
• HMT abv 77 tgt-79-82-86+
• Essar oil abv 135 tgt-137-140-145+
• Krone Comm abv96 tgt-98-100-105+
• Also watch Thinksoft, Jai Corp, Karuturi Global, Kilitch Drugs.

For all trades keep trailing your stoploss once the stock is above buying price. Avoid spike buying and dont take delivery of any intraday call.

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