Market Outlook - October 28, 2011 :Angel Broking,

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Dealer’s Diary
The Indian markets are expected to open gap up on the back of positive cues
from Asian, European as well as US markets. The global benchmark indices
rallied, as a relief measure by EU summit was chalked out towards resolving
European debt crisis on Thursday and US reporting a GDP growth rate of 2.5%
for the 3rd quarter (in line with economists’ estimates).
The EU summit reached a decision to reinforce EFSF bailout fund and approved
for recapitalization of its banks. The EU policy makers approved a EUR106bn
plan to recapitalize the ailing European banks. Also, EFSF bailout fund has been
strengthened to EUR1,000bn from EUR 440bn earlier. Also banks and other
private bondholders in Greece will voluntarily write down 50% on Greek
government debt.
The Indian markets are also expected to react positively on RBI signaling low
probability of further rate hikes as it is quite confident that interest rates have
peaked. Overall we expect Indian markets to derive positive cues based on the
domestic as well as global events.

Markets Today
The trend deciding level for the day is 17,304/5,206 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 17,335 – 17,381 / 5,215 – 5,229 levels. However, if NIFTY
trades below 17,304/5,206 levels for the first half-an-hour of trade then it may
correct up to 17,258– 17,227 / 5,192 – 5,183 levels.