NIFTY (2981.2)
Support : 2955 / 2935-25 / 2895 / 2875 / 2845
Resistance : 3005 / 3030-40 / 3065 / 3085-95 / 3120
SENSEX
Support : 9735 / 9640
Resistance : 9935 / 10045
NIFTY FUT
Support : 2945 / 2910 / 2860
Resistance : 3015 / 3050
MKT COMMENTS
NIFTY FUT OI down 0.53% with 23% decreasing volumes indicating unwinding of long positions.
We expect NIFTY FUT to trade rangebound but stock specific action remain.
Seeing DOJI in future charts
Uptrend intact with Support 2950
Trend Reversed if Mrkt Break/Close Below 2950
Deep Support is @2860
Market View –16.12.2008
On the Tuesday ,Opening is flat to up,
Stay long Above 2985,Sl Below 2965,Tgt 2995-3015/25-3040-3065-3085
Sustain Below 2965,Sell with Sl Above 2985,Tgt 2950-2925-2905-2895-2875
Buy 3I INFO Above 38,Tgt 41/43/45+,Sl 36
Buy AKRUTI Above 650,Tgt 680/695/725+,Sl 620
Buy BHARTITELE Above 745-750
Buy NDTV Above 121,Sl 118,Tgt 125/130
ESSAR OIL: Buy above 94,Stoploss 92,Tgt 97/100++
GESHIP : Buy above 228,Stoploss 224
Buy ACC Above @ 515,Tgt 525-540-565,SL-511
Buy BAJAJAUTO Above @ 415,Tgt 425-435-460,SL-408
Buy HEROHONDA Above @ 795,Tgt 805-810-825,SL-791
Buy TOURISM FIN Above 15,Sl 14,Tgt 16-17-18
Buy KAASHYAP TECH Above 0.70,Sl 0.5,Tgt 0.85-1.10-1.30
Sell BOB Below @ 260,Tgt 255-245-230,SL-262.
Sell BPCL Below @ 345,Tgt 340-335-320,SL-349.
Sell Dr. REDDY Below @ 450,Tgt 445-435-410,SL-455.
Sell TATA POWER(735),Stoploss Above 745,Tgt 720-715
Buy SCI Dec Fut 83-84,Sl 81,Tgt 84/84/85/86-87/88/89-90/92 (Lot Size 800)
BUY RNRL Dec Fut,Sl 55,Tgt 68-74
SBI (1204):
Buy @ 1165/1180,Sl 1160,Tgt 1210/1235
OR
If Open High Sell @ 1246,Sl 1260,Tgt 1225/1215
TPOWER (735) :
Buy @ 725,Sl 715,Tgt 755/760/770 , If Same Day Sustain Above 770 then next day 780++
RCOM (239) : Sell 248,Sl 254,Tgt 244/233
CAIRN INDIA (164)
Buy Above 164,Tgt 172/180,Sl 162
Sell Below 161,Tgt 154/144,Sl 163
ONGC ( 673 )
Buy Above 675,Tgt 684/696,Sl 666
Sell Below 663,Tgt 657/639,Sl 668
TATA STEEL LIMITED ( 227 )
Buy Above 229,,Tgt 235/245, Sl 228
Sell Below 225,Tgt 220/214,Sl 228
SBIN( 1204 )
Buy Above 1214,Tgt 1227/1238,Sl 1204
Sell Below 1194,Tgt 1178/1164,Sl 1203
HCLTECH
Buy Above 105,Tgt 106/108,Sl 104
Sell Below 103,Tgt 101/99,Sl 104
Europe ended flat. Asia has opened marginally lower.
I expect Indian markets to open lower.
Banking and Infra stocks can see a rally today.
The support for the Sensex is 9750 and the resistance to the up move is at 10000-10324
Nifty: (2981) the support for the Nifty is at 2920 and the resistance to the up move is at 3113
Day Trading Ideas
Bajaj Auto
Buy Above 249.17 for targets of 253.2 and 256.62
Sell below 246.10 for targets of 245.83 and 241.72
Asian Paints
Buy Above 862 for targets of 870 and 877
Sell below 852 for targets of 846 and 835
DLF
Buy Above 284 for targets of 288 and 293
Sell below 280 for targets of 274 and 270
In the last few sessions it was clearly mentioned the bias would be positive and continue to remain long with trailing stops for a tgt of 9900/10500. The first zone is reached and is very close to the channel which had resisted the previous upmove so ideally partially booking should be done.
On the daily and extreme short term charts Sensex has been following a close trendline which now comes to around 9500 zone. Till it continues to trade above the slow momentum on upside would remain. On a stop basis 9100-9200 would be a trailing stop for longs. Similar levels for Nifty would be 2905 and 2800.
Only a sustained closing above 10500 would open up an extended bear rally retracing to 11650/12500 also. But its still far-fetched as of now will look into it later.
Stocks to watchout for :
Praj Inds continued the move up can tgt 68-72 or more .
Hindalco has moved up above 55 and can tgt 60 + .
FMCG stocks are firming up on charts but are slow movers though. HUL above 246 and ITC above 176 could give a quick 5-8 % move in near term.
NIIT ltd looks like accumulation on charts. A sustained move above 26 shud tgt 30.
Some stocks which have given a small upmove today and can be followed in coming days are siemens , areva tnd , 3i info , ks oils., financial tech.
SHORT SELL HDIL Stop Loss 135 Target 108
SHORT SELL IFCI Stop Loss 26 Target 18
SHORT SELL Lanco Infratech Stop Loss 170 Target 135
SHORT SELL India Infoline Stop Loss 52 Target 39
BUY Suzlon Energy Stop Loss 45 Target 78
BUY Reliance Infrastructure Stop Loss 629 Target 720
BUY Reliance Communications Stop Loss 232 Target 298
BUY HDIL Stop Loss 98 Target 125
BELOW 2960 TARGET 2917-2880-2803
Sell RELIANCE Target: 1322, 1310 SL: 1335
Sell ICICI BANK Target: 408,404 SL: 418
Sell RCOM Target: 231,224 SL: 238
Buy RELIANCE 1281, Target: 1292, 1300 SL: 1276
Sell Nifty2900CE Target: 120,105 SL: 136
Sell Nifty2700CE Target: 265,250 SL: 285
Buy Nifty2900PE Target: 77, 90 SL: 60
Sell RELIANCE Target: 1322, 1310 SL: 1335
Sell ICICIBANK Target: 408,404 SL: 418
Sell RCOM Target: 231,224 SL: 238
Buy RELIANCE 1281, Target: 1292, 1300 SL: 1276
Sell Nifty2900CE Target: 120,105 SL: 136
Sell Nifty2700CE Target: 265,250 SL: 285
Buy Nifty2900PE Target: 77, 90 SL: 60
Buy on Dips and Sell on Rallies
Conflicting views on the direction our indexes will take in short term has created confusion but the markets are weathering all storms and moving steadily up – a small step at a time – beating bears here – killing them there. But every time it has defied the bears – every time it has taken a step to go up – it has been little less than expected by me. I did not perhaps realise that the bears are strong and cash rich. But my assumption was based on the fact that they have to let the bulls go to some heights before they meaningfully cull them. It may be actually that the bulls too are wary of each step they take. All said and done – I was of the opinion that the markets will go in the range of 32 to 35 hundred on nifty before the serious selling will set in. – Culling of bulls I meant. So we have some time to go before we reach there – one step at a time. I still stand by the figure I gave above. Now only markets have to prove me right – or wrong. 
There was nothing really good about the global cues or the markets. Infact we should see the weakness shown by the world markets somewhat magnified in our trading today. Asia was weak – except ofcourse our markets. Europe opened green then steadily slipped in red – at one point diving deep down then recovering close to the flat line but in red. FTSE was 0.07% red, DAX was 0.18% red and CAC closed 0.87% in red. US struggle continued with the fate of the automakers still hanging on a thread and while the comments were there to signal and calm the frayed nerves of the investors – there were no details on timings, amount or the term of the package to the big three daddies of US auto industry. While the General motors and Ford finished the session a few points in positive (0.14%) to be precise, The US indices traded in red. DOW was down 0.75%, Nasdaq down 2.1% and S&P down 1.27%.
The candle formed was white and good. The Bollinger bands have expanded a bit and the Candles are along the upper line of the bollinger bands. 5 EMA line is above the 20 EMA line. The volumes were same as yesterday. MACD positive divergence has increased and the goodness continues. RSI is good and so is TRIX. Now the problem – MACD red and blue lines are in overbought zone and they do not intended remaining there for too long. That is the way so just a time before it drops (taking the markets down with it) Also the red line has already looked down attempting a crossover to the lower side. Another negative day in making today? Let us see.
Pivot data…
R3 3107 against 3060 on yesterday
R2 3065
R1 3023
Pivot 2970 against 2889 on yesterday
S1 2928
S2 2875
S3 2833 against 2719 on yesterday
Projected High Range 2996 to 3044
Projected Low Range 2980 to 2932
Fib Projected High 3037
Fib Projected Low 2891
Expected opening with weakness and may recover towards afternoon. Notice that the resistances have moved – all above 3000. R3 is now infact moved to 3100 levels. Best of luck everyone.
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