Market Report

From high growth to slow growth to low growth and finally No Growth now.Industrial Output contracted in the month of October 2011.With Diwali in the month of October and the IIP contracted, am sure November data would surprise negatively too.Rupee had hit all time lows against the US Dollar and ended at 52.84. In the past 3 trading sessions, our indices are almost down by 6%. Stocks like ICICIBANK,TataPower,SAIL,

Sterlite Ind,NMDC, Hind.Copper have hit 52 week lows.TCS, WIPRO ,HCLTECH and INFY ended up in green for the day as Rupee weakened against the USD.

Global indices fell yesterday as the rating agencies announced that the Friday meet by EU leaders did not come out with a concrete solution and rate cuts are imminent. Expect another round of sell-off, if France and Germany lose their AAA rating.

Asian markets are trading lower for the day and the SGX Nifty futures is trading at 4716 at 7 AM IST.

There is a huge OI increase in 4700 put. Keep an eye on 4700 levels on Nifty.If 4700 holds, we may see a bounce back.But if 4700 is breached we may see further sell-off.

Alex sir's Nifty(Spot) levels.

Support for the Day are at 4728,4693,4643. Resistances are at 4786, 4820.