NIFTY MONTHLY FORECAST NOVEMBER 2013

NIFTY likey targets for the month of NOVEMBER 2013 are 6390/6442/6531/6603/6674. Expect some sharp corrections to downside from 2nd Half of November(NIFTY is most likely to retest the top twice i.e., DOUBLE TOP Pattern formation before sliding down around 2nd - 3rd weeks of Novemeber).

Important Note : -  Since the current rally is led by FIIs with hardly any  retail participation the rally may not last long once FIIs start withdrawing this may rally may end anytime soon technically i foresee it may after 2nd-3rd week of  November or so. As long as NIFTY stays above 5960 and BANK NIFTY stays above 10950 Uptrend is very much intact though it is a long term support but it is a strong support for the market one can hold onto LONG positions may be the above supports of 5960 and 10950 can be treated as STOP LOSS for positional trading and one can enter into the markets whenever market dips.

Strong Dollar gains have kept Commodities,Stock Markets under check this is one reason why both Commodity & Stock markets are retreating at the moment. Once dollar eases stock markets will spring back...

***BUY ON DIPS SHOULD BE THE STRATEGY AND MOVE THE STOP LOSS TO FIRST TARGET 6390 ONCE IN PROFIT/TRAIL THE STOPLOSS . ****

Few Monthly Picks in Equities segment with targets are follows :-

Caveat : - All the below recommendations are purely positional and in the equities segment and may take approximately a month's time to reach the below specified target(s). Always trade with Caution.

Index/Stock	Action	Target 1	Target 2	Target 3	Target 4	Target 5	Holding Time
NIFTY	BUY	6390.1	6442.2	6530.7	6602.3	6673.8	3-4 weeks time
Bank NIFTY	BUY	11762.4	11928.2	12209.9	12437.5	12665.1	3-4 weeks time
Asian Paints Ltd.	BUY	553.1	560.9	574.2	585	595.7	3-4 weeks time
Axis Bank Ltd.	BUY	1260.2	1281.5	1317.7	1347	1376.3	3-4 weeks time
Bajaj Auto Ltd.	BUY	2162	2180.3	2211.4	-	-	3-4 weeks time
Bank of Baroda	BUY	667.5	681.5	705.3	724.5	743.7	3-4 weeks time
BHEL	BUY	144.2	146	149	151.5	154	3-4 weeks time
BPCL	BUY	366.7	371	378.5	384.5	390.5	3-4 weeks time
Bharti Airtel	BUY	376.2	381.4	390.3	397.5	404.7	3-4 weeks time
Cairn India Ltd.	BUY	320.7	323.3	327.8	331.5	335.2	3-4 weeks time
DLF Ltd.	BUY	191	231	-	-	-	3-4 weeks time
Dr. Reddy's Labs	BUY	2484.7	2501.1	2529	2551.5	2574	3-4 weeks time
GAIL (India) Ltd.	BUY	358.7	362	367.5	372	376.5	3-4 weeks time
Grasim Industries	BUY	2848.9	2868.3	2901.3	2928	2954.7	3-4 weeks time
HDFC Bank Ltd.	BUY	695	703.6	718.2	730	741.8	3-4 weeks time
ICICI Bank Ltd.	BUY	1157.9	1179.1	1215	1244	1273	3-4 weeks time
IDFC Ltd.	BUY	108.5	110.1	112.8	115	117.2	3-4 weeks time
IndusInd Bank	BUY	458.1	465.5	478.2	488.5	498.8	3-4 weeks time
Jaiprakash Associates	BUY	49.7	50.9	52.9	54.6	56.2	3-4 weeks time
Jindal Steel & Power	BUY	244.5	247.1	251.6	255.2	258.8	3-4 weeks time
Kotak Mahindra Bank	BUY	766.7	774.8	788.7	799.9	811	3-4 weeks time
Larsen & Toubro Ltd.	BUY	1005	1022.9	1053.3	1077.9	1102.5	3-4 weeks time
Mahindra & Mahindra	BUY	900.8	908.3	920.9	931.1	941.3	3-4 weeks time
Maruti Suzuki India	BUY	1680.6	1706.1	1749.3	1784.2	1819.1	3-4 weeks time
NMDC Ltd.	BUY	142.4	144.5	148	150.8	153.6	3-4 weeks time
NTPC Ltd.	BUY	150.5	151.3	152.7	153.9	155	3-4 weeks time
ONGC	BUY	300	303.4	309.3	314	318.7	3-4 weeks time
Power Grid	BUY	102.4	103	104	104.8	105.7	3-4 weeks time
Punjab National Bank	BUY	557.8	565.7	579.1	590	600.9	3-4 weeks time
Rel Infra	BUY	443.6	450.2	461.4	470.5	479.6	3-4 weeks time
State Bank of India	BUY	1831.1	1850.8	1884.2	1911.3	1938.3	3-4 weeks time
Canara Bank	BUY	264	268	274	279	284	3-4 weeks time
Tata Motors	BUY	390.5	395.9	405.1	412.5	419.9	3-4 weeks time
Tata Power	BUY	96.5	111.8	-	-	-	3-4 weeks time

As predicted in my previous forecasts, now NIFTY at the threshold of All Time Highs.

In the week just gone by Nifty made a high of 6252.45 breaking previous SWING HIGH of 6229.45 made on 20th May 2013 which is a 52 week high.This confirmation may take Nifty to all time high levels of 6300-6500 levels indicating that Primary Trend is Up and as long as NIFTY do not break 5960 levels on the downside in the short term(3-4 weeks) time and reverse thereon. so expect very sharp moves to happen in the next one month or so from hereon. Coming to the current(Oct 28th - 1st Nov 2013) week nifty is likely to be weak and recover  in the later half of the week.  Historically NIFTY made highs of 6334 on Nov 8th 2010 and 6357 on January 2008 respectively before sliding down. So we may expect similar kind of move to happen this time too. As pointed out in the last week NIFTY weekly forecast NIFTY corrected to 6100-6150 levels and hovering around the same levels since then waiting for RBI policy announcement tomorrow.