Market Outlook 16-10-2009

It was a day of consolidation for the markets as Nifty traded around 5100 for the whole session. Some profit taking was seen in certain stocks that were flying high for past couple of days and most of the infra counters suffered on that account. But there were no such hurdles for Banking counters as they continued to be favored by traders as well as investors. Number of banking counters, both private and PSUs made new highs. Some of the big movers for the day were Yes Bank, Union Bank, BOI and Andhra Bank. Apart from banking other major gainers were generally the mid cap names like McDowell’s, ICSA, Sun Tv, FSL, Ibreal and Suzlon. JSPL attracted heavy buying for the second consecutive session and was up more than 5%. Stocks that shed weight included Bharti, Dish TV, HCC, Reliance Infra, Divis Lab and DCHL. Mid caps were at forefront as heavyweights came in for some load shedding. Mcdowells witnessed a fresh breakout and could target new highs if it sustains above 990. ICSA could target 240 and then 265-270 in coming days. Century Textiles has fresh targets of 560 and then 590 if it sustains above 495. Infra and Banking counters remain in uptrend and could push for higher levels in coming days. Amongst others higher levels are possible for CESC, Tata Chem, Renuka, Bajaj Hind, Pantaloon, GSPL and Gail. Nifty has support around 5030-40 while some resistance is seen around 5175.