Domestic Institutions turns net buyers during the course of the week: The markets should consolidate at this levels. Concentrate on Mid, Small and Select Large Cap counters: Statutory Warning: Always picking up Scrips when there is a “flow of Blood on the Dalal Street”, is potentially injurious to the Financial Health of investors: There is enough money to be made in these market conditions too.........:

[Excerpts of the Sunday Report Sent to Premium and Quickie Group Members]

The markets last week saw intense volatility with a slight negative bias. The volumes recorded during the week were low along with negative breadth. Incidentally, FIIs remained net sellers in the cash as well as the derivatives segments. Domestic institutional investors, on the other hand, remained net buyers during the course of the last week. Thus this time also it seems the domestic institutions have beaten the FIIs in terms of market outlook and timing the markets. But the good point is that the Rupee, depreciated against the dollar on back of FII selling during the course of the week. This will brighten the prospects of Auto Ancillary, Textile and to some extent IT space---though IT Space will get impacted by any slowdown of the US economy. Crude oil prices have remained volatile due to supply constraints ahead of the OPEC meeting early next month. But any fall in the prices of Crude oil will act as a positive trigger for the markets. Technically, the market sentiment is nervous due to lack of fund flows and follow-up buying at higher levels. Unless strong fund flows are witnessed the markets are unlikely to display a sustainable rally. The overall trend is likely to remain range bound or consolidation will be the name of the game here onwards. Important support levels for the Nifty 5525, 5430 and 5210. If the Nifty manages to move and sustain above the 5620 level, then it is likely to test the 5900level. Weekly resistance will be at 19700-20240. Weekly support will be at 18300-18190-18000. In case of a fall below 18000 or if the closing is below 18300 on a sustained basis, then we could see the Sensex testing the low range of 17500-17100 subsequently. On the upside, if the Sensex manages to sustain above the 18740 level, then it is likely to test the 19700 level. The broad market indices, Nifty Junior has important support at 10020 and if that gets violated then we can expect a sustained overall fall in the market. Similarly, the Nifty Mid-Cap 200 has support at 7180. The BSE 500 support is at 7300-7200. BSE Small-Cap support is at 9500. If these broad market indices violate their respective support levels along with the Sensex, then markets could crash to 16, 000 levels in the short term, which looks unlikely. The currency market could play vital role once again. The Rupee for the time being looks to have settled down around Rs.39.10- Rs.40 mark against the US Dollar. But the rupee is expected to weaken further due to steps taken by the RBI and SEBI. The Euro is making a new high against the Dollar and the Japanese Yen has gathered strength against the US dollar in the last few days as it violated the important support of 109 against the USD. Further strengthening could unwind the yen carry trade leading to a crash of the Japanese markets. Domestic markets are likely to remain volatile on Monday ahead of the expiry of November futures contract next week. Hence play on select counters only and look before you leap.

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