Market Report

Last week was very volatile and we ended negative for the week.EU meeting on Friday was the highlight.Most of the EU leaders agreed to a more credible plan to end the crisis and the European and the US indices rallied on Friday.The Asian indices have opened positive and almost they are up by a percent and a half.Expect our markets to open positively , tracking the optimism of the Global indices. I would advise to stay cautious as the IIP data is released for the day. Expect IIP data to come at lower levels for the Month of October.

Data to watch for the Week

IIP data Today.

Inflation data for the Month of November 2011 on Wednesday.

Third Advance tax numbers on Thursday.

RBI's Monetary policy review on Friday.

Short Indian Rupee for the day at the open and add more short positions if the IIP data comes lower than the September's data. Keep an eye on Capital goods stocks and the Banking Stocks.They may react sharply to a bad set of IIP numbers.Traders may go long if Nifty Futures crosses 4935 after the IIP data is announced.

Alex Sir's Nifty(Spot) levels

Support for Nifty for the day 4837-4822-4794.Resistance for Nifty for the day 4920-4950.

(To receive the Daily Market Report and Breaking news during market hours, in your inbox, type your email id in the box(Subscribe to Broker King) below the World Map in the blog and click Subscribe).www.brokerking.blogspot.com

For your comments and suggestions Kindly visit our FB page, http://www.facebook.com/pages/Broker-King/115212095212768