NIFTY OUTLOOK FOR 22/11/2013

USD/INR START TO BOUNCE. TODAY HIT 63.
NIFTY FALLING LIKE ANYTHING.
GAP DOWN START PUT NIFTY BELOW THE
IMPORTANT SUPPORT 6111. BEARS MAKE A
LOW 5985 AND SEE A CLOSE AT 5999.

LAST WEEK LOW 5977 IS THE LAST HOPE FOR
BULLS. PANIC WILL LEAD NIFTY BELOW 5977.

NOW ON THE UP SIDE BULLS HAVE SEE A CLOSE
ABOVE 6111 TO GET SOME BREATH.

AS WE POSTED HERE,
IN THE MONTHLY CHART NIFTY TRYING FOR A
MAJOR BREAK UP IN ASCENDING TRIANGLE PATTERN.
UPPER LINE OF THE TRIANGLE IS AT 6357.
LOWER TREND LINE NOW PLACED AT 5266-88 LEVEL.

FOR BREAK UP CONFIRMATION
MONTHLY CLOSE ABOVE 6357 IS NEEDED.
TARGET IS 6357+(6357-2252)=10462.

FOR THE NEXT SIX MONTHS
WE HAVE TWO OPTIONS AHEAD.

FIRST OPTION,
NIFTY CAN BREAK OUT 6357 AND MAKE NEW HIGH.
AGAIN RETEST THE BREAK OUT POINT.
NIFTY MAY TRADE IN THE RANGE 6355-7111.

THE NEXT OPTION,
FOR NEXT SIX MONTHS,
NIFTY MAY TRADE BETWEEN 5266 TO 6357.
AND THE BREAK OUT MAY HAPPEN AFTER
FORMATION OF NEW UNION GOVERNMENT.

ST/BT HDFC Bank Ltd with target price of Rs 770: Mitesh Thacker

HDFC Bank is a 'ST/BT' with a target of Rs 770 and a stop loss of Rs 795.

Sell CNX IT with target price of 8580: Mitesh Thacker

CNX IT is a 'Sell' with a target of 8580 and a stop loss of 8910.

Buy Dabur with target price of Rs 170: Ashwani Gujral

Dabur is a 'Buy' with a target of Rs 170 and a stop loss of Rs 157.

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Sell LIC Housing with target price of Rs 200: Ashwani Gujral