Intraday market outlook for 19November

On 19November, Nifty future have support at 5008 level, if this level is breached and sustained then bears will try to take the charge over bulls, and will try to slide down the markets till 4980-4955-4920 levels. However on downside 4980 will act as a barrier for bears, and in order to remain in the scene bulls must try to make the markets close above 5008 level. As mentioned earlier also, that consecutive close below 5008 level will be the first sign of bears coming back in game and will change the whole scenario. However, if Nifty fut maintains to sustain above the level of 5000, then we can see markets bouncing back in later hours. On upside the major hurdle is at 5090 level, once this level is crossed we will see nifty fut heading higher to the levels of 5112-5146-5170 in short time.

We recommend all traders to keep a watch on 5090 level on upside and 5008 level on dowside, as these two levels are very crucial for further market movement, and crossover of any of these will show sharp movements. All traders must trade with high cautious, as we are on verge of breakout of this range, so all trades must be done with strict stoplosses. One must keep booking bidirectional small profits time to time rather than expecting unidirectional massive gains.

Nifty Level

Resistance - 5090-5112-5146-5170

Support - 5030-5008-4980-4955

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Intraday Calls

• Vishal Retail abv 67 tgt-69-72-76+
• Dredging Corp abv 492 tgt-496-500-510
• Sell IFCI bel 51.25 tgt-50.5-49.4-48
• Sell Reliance bel 2100 tgt-2084-2072-2056
• Also watch Redington, Camlin fine, GTL Infra, Chartered Logistics.

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

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