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Indian markets weekly outlook

PIVOT-----  4800
SUPPORT----- 4650/4543/4394
RESISTANCE----- 4906/5056/5163

The risk aversion trade is back on as the debt problems of the Europe are bringing down global markets.
Let's look at supports of nifty.We have supports between 4650-4700 as mentioned in 
couple of posts.We are bounced 1.5% from recent lows.
Now weekly pivot 4800 is big resistance now.If we manged to close above that level 4840 
and 4890 are resistances again.4920 will act as Pivotal for trend reversal.

If we break below 4650 and closes below that.
We may reach 4440 level in few days.
There is a contrarian view because we bounced 200 dma + 1% levels.Lets see how we
 behave next week.

Let's take  a look at sector wise.
Reality : No hope in near term avoid this except volatility is there anybody making money in this sector ?
DLF : Only looks good above 362.It will act as resistance also

Oil and Gas : The leader RELIANCE might find support between 860-900.If you get these levels i recommend to invest for short term.
Every Dip is a buying opportunity in this market if you enter at right price.

Banking: ICICI BANK at interesting levels.Just watch a close above 830 it will give boost to upside.Down side good support comes at 720
HDFC BANK resistance comes at 1640 and near term support at 1450

These observations are for short to medium term investors who are afraid of intra day trading and want to invest safely.

SBI near term support at 1800,afer over sold it might attempt 2050

The defensive sectors which not corrected much in this fall is Health care and IT.

On top of this Look out for Tata steel to buy .I recommended with 3 months ago from ther it was up 50%,now it is corrected 25% from highs.This stock is looking positive with supports at 510 levels.

Disclosure: No positions in indian markets