mkt news

NIFTY ( 3041 )

Support : 3020 / 3000 / 2985 / 2950-40 / 2935 / 2910 / 2890

Resistance : 3075-85 / 3100-3110 / 3135 / 3165 / 3200

NIFTY FUT ( 3048 )

Support : 3035 / 3005 / 2990 / 2965 / 2925

Resistance : 3095 / 3135 / 3165

SENSEX ( 9977 )

Support : 9860-40 / 9800 / 9705

Resistance : 10060 / 10145 / 10200 / 10320

MKT COMMENTS

NIFTY FUT OI marginal up with 2% increasing volumes indicating forming of long positions for BTST.

We expect NIFTY FUT to trade positive with possibility of profit booking at higher levels.

NIFTY: Nifty has immediate support around 3020-2940 and resistance is around 3100-3160. Hold Nifty long with revised stop loss of 2970 and target of 3085-3120+. We find nifty range between 3050-3250 now.

BSE Sensex (9977): Last day Sensex crosses 10 k marks for a while and close below 10k with help of RIL, ONGC, Suzlon, Hcl tech & others. Sensex will find support at 9860/9800 and resistance which are likely to come around 10200/10320. If close above 10200 levels we can expect upcoming 10940 level also. Sensex likely to be around 11000-12000 in mid-January

On Wednesday,NIFTY Opening is flat to up,

Stay Long Above 3035-45,Sl Below 3020,Tgt 3075-3110-3145-3180

Sustain Below 3015-05,Sell with Sl Above 3030,Tgt 2985-2925/15-2795.

Buy LUPIN DecFut 574,Sl 570,Tgt 577/579/582/588/594-95/599/605/611/615-17 (Lot Size 700)

RELIANCE DEC FUT 1390.10

Buy it on crossover and sustain above 1395,Sl 1370 for the Target 1410,1425,1435,1455 levels.

ONGC : Buy DecFut@ 704, Sl 680,Tgt 730/735/745 / Position long hold with SL 680

Sell HDFC DecFut 1553,Sl 1580,Tgt 1545/1537/1529/1514-16/1498/1483/1475-76/1452/1436 (Lot Size 75)

3i Infotech looking Hot for Buy

Buy ITC Above 175-180

PRAJ LOOKING HOT AND FIERY

Buy Axis Bank above 500

SBI (1238): This counter can bullish over 1240 level advised to accumulate only above 1240 for target of 1260 and higher with stop loss of 1200 as per technical view.

Educomp Solutions (2299): We see rally in this stock advised to buy only above 2310 for target of 2365 and higher in short term 1-3 days.

Buy BHARTI Above 750,Tgt 765/775,Sl 740

Buy BOB Above @ 266,Tgt 271-277-290,SL-263

Buy GRASIM Above @ 1245,Tgt 1284-1339-1461,SL-1218

Buy JPASSO Above @ 89,Tgt 91-94-101,SL-88

Sell CANBK Below @ 166,Tgt 165-161-155,SL-168.

Sell GNFC Below @ 57,Tgt 56-52-46,SL-58.

Sell HPCL Below @ 237,Tgt 234-229-218,SL-240.

TATA POWER CO LTD ( 745.65 )

Buy Above 745,Sl 737,Tgt 755/766

Sell Below 735,Sl 741,Tgt 731/714

TATA STEEL LIMITED ( 224.95 )

Buy Above 225,Sl 223,Tgt 230/235

Sell Below 222,Sl 224,Tgt 219/212

SUZLON ENERGY ( 58 )
Buy Above 58,Sl 56,Tgt 60/62
Sell Below 56,Sl 56,Tgt 54/51

RELIANCE CAPITAL LTD ( 529.55 )
Buy Above 532,Sl 530,Tgt 545/555/565
Sell Below 525,Sl 531,Tgt 515/505/500

NTPC

Buy Above 176,Sl 175,Tgt 178/181

Sell Below 173,Sl 175,Tgt 170/168

MY CHART

Nifty :: As per yesterday post Nifty face strong resistance near 3023 and came down from higher level but mid term momentum up and that’s why buying seen at lower level..In final hour given decisively breakout with volume.. Now for 17^th Dec. Nifty once again enter in short term selling zone if open near 3100.. For midterm investor put S.L for mid term buying below 2916 ..Watch first strong resistance zone between 3093 to 3109, And after that second strong resistance zone in between 3150 to 3184...Avoid buying near this two strong resistance zone.. Our strategy for 17^th Dec. Buy in deep (S.L 3008) Sell at high.. Resistance for up move at 3080/3093/3109/3150/3184.. Supports 3008/2950/2930/2916..

Sell ICICIBANK Target:443,435 SL:454
Sell RELIANCE Target:1428,1416 SL:1444
Sell SATYAMCOMP below 220, Target:210,200 SL:224
Buy Niftyfutures Target:3120,3140 SL:3070
Sell Niftyfutures Target:3135,3120 SL:3170
Buy IVRPRIME above 47.5, Target:51,54 SL:45

For 17 Dec 08

Slowly the tables are being turned and day by day the confidence level is being taken to the new highs – infact there was already apprehension in one of the minds on idiot box that we might have seen the bottom – wait – this is exactly the game plan. This is exactly what I have been saying for past so many days – our next fall will be when all have jumped on the train and is confident of a good rally – if you see it - I am sure you will find it sickening. Go with this rally – to wherever it takes us but remain very very very very cautious as we reach 3200 or 3500 levels. I am sure that we will go there and I am pretty sure that we will return from there. Infact it may be a time to selectively exit in the coming few weeks and sit tight for some time. Till that time/levels come – continue riding up. The markets shed its confused state of mind yesterday and have shown a good green tick. It did so on slightly less volumes. But then as long as it went up.

The news of the day was stolen by US by reducing the benchmark rate to 0% to 0.25% from earlier 1%. I did not have enough time to study what will be the repercussions or how it effects them – but I derive only this from my glance at it – two things – firstly, they are in deeper trouble than what we will ever see till that hits us in our face – secondly, there is nowhere to go now as far as benchmark rate reduction goes – this is the bottom – unless now they come up with something that Fed will pay from its pocket for taking money from them. I am sure that they would know this and I am sure that there will be many tricks up their sleeves – but again this it – in this particular case – they are at point Zero. The US markets reacted and closed all the way up in green but personally I would not be too happy and may like to wait for the true reaction as these facts sink in.

Well on the global from the global cues the story goes on like this – Asia was mixed with all colours visible – Nikkei red 1.12% down, Hang Seng green 0.55% up and Strait Times green 0.41%. Europe was green FTSE up 0.74%, Dax up 1.61% and CAC up 2.07%. The Europe had infact oscillated around the flat line with positive bias before it finally closed green ahead of the Fed decision in US.US was mildly positive till the time the Fed decision came – then it shot skywards with jubilation – Dow up 4.2%, Nasdaq up 5.41% and S&P up 5.14%. Ofcourse it will get more interesting now onwards.

Our candles are swinging the colour remains white and testing new levels – I do see as small trouble just short of the 3200 mark – but should be achievable. The Bollinger bands have widened and 5 EMA line is confidently above the 20 EMA. The MACD divergence has remained same – food for thought – why should it remain same to yesterday? RSI is good without doubt – and TRIX is even better – just short of the 1 mark and looking up. See I have had a lot of confidence in the indicator and it did indicate in advance the trend – good. It still looks up. it is the Slow Stochastic that is bugging me – Red line trails above the blue line and both in overbought territory. Again a brakes here for a day or so may be good.

Pivot data…
R3 3141 against 3107 on yesterday
R2 3107
R1 3074
Pivot 3081 against 2970 on yesterday
S1 2985
S2 2929
S3 2896 against 2833 on yesterday
Projected High Range 3046 to 3091
Projected Low Range 3013 to 2968
Fib Projected High 3076
Fib Projected Low 2938

Buy BANKBARODA above 266 SL 261 Target 272-279
Buy JPASSO above 89 SL 87 Target 91-94
Buy GRASIM above 1245 SL 1220 Target 1284-1339
Sell HPCL below 237 SL 241 Target 234-229

Always remember, put SL in your every trade.
Strictly follow Above and Below price, then follow strictly SL

Europe ended flat. Asia has opened a bit higher on an average of 1%.

Indian markets are bonded to open higher.

Satyam Computers acquires 51% stake in Maytas Infra and 100% stake in its property. The deal is of whooping 1.6 Billion USD.

Yesterday Satyam’s ADR was down over 35%. This is a stock which can give maximum movement in todays market.

The support for the Sensex is 9750 and the resistance to the up move is at 10000-10324

Nifty: the support for the Nifty is at 2920 and the resistance to the up move is at 3210

Day Trading Ideas.

Satyam Computers

Buy above 201 for targets of 209 and 219

Sell below 196 for targets of 184 and 179

Maytas Infra – (This Scrip generally doesn’t have much volume be careful before trading. Yesterdays volume is 275 shares)

Buy above 475 for targets of 482 and 486

Sell below 460 for targets of 456 and 449

HDIL

Buy above 148 for targets of 151 and 153

Sell below 140 for targets of 136 and 132

IRB Infra

Buy above 107 for targets of 109 and 111

Sell below 102 for targets of 99 and 97

(Inder Bhatia)

The Indian market opened on lower note but saw volatile session and surged in late trading session and close above 3000 levels .For coming session momentum on the upside to be continue it can test 3153-3173 upper channel line .On the lower side closing below 2926 it will crack lower channel line .

(RAJAN BHATIA)

This is retracement of 2945-2812..and where the cross of 2945 was to take us..It was headed for 3078 and there we are almost today...the top of this run ican also be 3148 as of now... Markets will retrace to 2945 zone again to see their strenght..Hope this helps all who are stuck in shorts ..cheers.

(Ilango)

Any weakness in prices owing to very short term negative divergences are getting corrected on intra day dips and buying as well as short covering emerges on those dips propelling Nifty to higher highs.
Many oversold stocks mentioned earlier have been rallying steadily and this settlement having started around 2755, dipped to 2570 in the first week and rallied nearly by 500 points may halt for a couple of days but will end this settlement on 24th Dec(Wed) near the highs due to short covering.
With the passage of time, the channel support keeps increasing and it is at 2940 and the channel resistance comes to 3100/ 3150 for Wednesday.
80% of the last fall from 3240 to 2503 comes at 3093.(To be watched out for..!!)This scenario only if it turns out to be a contracting triangle.If not, the rally may continue with periodic corrections.