NIFTY OUTLOOK FOR 19/11/2013

USD/INR FALLING AGAIN.
BULLS GET EXTRA POWER.
ALL THE CLOSES ABOVE 6111 IS BULLS AREA.
AGAIN BULLS MOVING TOWARDS 6355.
6244 AND 6288 ARE THE SMALL RESISTANCES
BEFORE BULLS.

BEARS WILL GET ACTIVE ONLY BELOW 6111.
PANIC SELLING SEEN BELOW 6022.

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.

Buy ITC Ltd with a target of Rs 342: Ashwani Gujral

Buy ITC Ltd with a target of Rs 342 and a stop loss of Rs 314.

Buy Larsen & Toubro Ltd with a target of Rs 1010: Ashwani Gujral

Buy Larsen & Toubro Ltd with a target of Rs 1010 and a stop loss of Rs 955.

Buy Tata Global Beverages Ltd with a target of Rs 158: Ashwani Gujral

Buy Tata Global Beverages Ltd with a target of Rs 158 and a stop loss of Rs 144.