newsletter

(Inder Bhatia)

The Indian market opened on lower note on weak global cues and close in red zone .For coming session . we can see choppy move on the lower side 2920 is main support for nifty on other side 2988 will act as resistances zone.

Sell ICICIBANK Target: 410,404 SL: 422

Sell RELIANCE Target: 1240, 1228 SL: 1253

Sell SATYAMCOMP Target: 133,130 SL: 140

Sell UNITECH Target: 40.5,39 SL: 41.5

Sell SUZLON Target: 55, 54.5 SL: 56.25

Sell Niftyfutures Target: 2920, 2898 SL: 2955

Buy Niftyfutures Target: 2925, 2940 SL: 2900

Buy RCOM>217.1,218.9,220.2,224 sl 214.9

Buy Bharti Airtel>715.1,725,728,740 sl 712.8

Buy Cairn India>158.7,162.00,166 sl 154.9

Buy JP Associates>82.1,86.65,90 sl 79.8

Buy Power Grid>82.55,83.65, 85.55 sl 81.5

Buy Praj industries>61.25, 63, 65 sl 59.4

Sell ICICIBANK below 416 SL 427 Target 396-376
Sell IDEA below 48 SL 52 Target 45-42
Sell RNRL below 51 SL 53.40 Target 48-45
Sell Educomp below 2578 SL 2617 Target 2523-2416
Buy INFOSYS above 1188 SL 1162 Target 1213-1230
Buy SESAGOA above 87.50 SL 84 Target 92-99

NIFTY FUTURE
ABOVE 2992 TARGET 3026-3046-3074
BELOW 2958 TARGET 2924-2876-2801

(SVShah)

CMC, IBN18, IVRPRIME, SOBHADEVELOPERS, WWIL to get out of FNO after Feb Contracts are Over.
AIA, MIC, OMAXE & REDINGTON to discontinue from Today

NIFTY (2968.65) : Support at 2875 & Resistance to at 3020-3115. One can buy nifty around 2900 level.

Support : 2940 / 2920 / 2905 / 2890 / 2875 / 2855 / 2830

Resistance : 3000 / 3020 / 3045-55 / 3080 / 3115 / 3185

SENSEX : SENSEX MAINTAINS ABOVE 9630++,CAN MOVE UPTO 9905/9960 LEVELS. OTHERWISE MAY SLIDE UPTO 9470/9415 LEVELS

Support :9625-05 / 9525-40 / 9470 / 9415

Resistance : 9745 / 9805-30 / 9905-20 / 9960 / 10060 / 10300

NIFTY FUTURE (2973) : 2985-3040 acting as crucial Resistance Level .Strong Support is at 2950-2930 if this break then 2820

Support : 2950 / 2930 / 2915 / 2900 / 2820

Resistance : 2985 / 3015 / 3040 /3060

NIFTY HAS BROKEN TRENDLINE FROM 2570-3110.

INDICATORS ARE GIVING SELL SIGNALS ON EOD CHARTS, KEEP SL @ 2920 FOR SHORTS. 2920 TREND DECIDER LEVEL.

RESISITANCE NEAR 3040,SUPPORT 2920,BREAKING GIVE 100 POINT ANYSIDE

On Wednesday,Opening is Flat to Down,

Stay Short Below 2970,Sl Above 2985,Tgt 2950-2935-2905-2885-2860-2825,

Sustain Above 2990,Buy with Sl Below 2975,Tgt 3020—3040-3060-3075.

MKT COMMENTS

NIFTY FUT OI (both series) down with increasing volumes indicating unwinding of long positions.

We expect NIFTY FUT to trade volatile due to expiry.

ACCUMULATE SATYAM FOR GOOD RETURNS

FINANCIAL TECH : Risky can track Financial Tech above 565 for short term

GMR INFRA : Buy Above 75,Sl 73,Tgt 78/80

Buy BHARTI Above 720,Tgt 730/735/740,Sl 710

Buy HEROHONDA Above 810,Tgt 825-835-860,Sl 798.

RELIANCE COMM : Buy Above 218,Sl 215,Tgt 220/225

RELIANCE INDUSTRIES : Buy Above 1275,Sl 1260,Tgt 1280/1305/1320

CAIRN ENERGY LTD : Buy Above 160,Sl 158,Tgt 163/165/167
TATA STEEL : Buy Above 222,Sl 215,Tgt 226/230/235/238/245

HINDPETRO LTD : Buy Above 274,Sl 270,Tgt 280/285/290/295/315

Sell ASIANPAINT Below 875,Tgt 865-850-830,Sl 885

Sell BHARTI Below 710,Tgt 695-685-655,Sl 725

Sell ICICI BANK Below 425,Tgt 415-400-370,Sl 430

TATA POWER(733) : Sell with Sl Above 745,Tgt 725/710

Sell ROLTA Below 120

UNITECH LTD
Buy Above 44,Sl 43.5,Tgt 45.8/49.5/51.7

Sell Below 41.5,Sl 42.5,Tgt 39/38++

RCOM

Buy Above 218,Sl 216,Tgt 221/225+

Sell Below 214,Sl 216,Tgt 211/208

UNION BANK

Buy Above 159,Sl 158,Tgt 161/165

Sell Below 157,Sl 158,Tgt 155/152

FUTURES

Buy VIJAYA BANK Dec @33.45,Sl 33,Tgt 33.8/34.3/34.9/35.4/35.9/36.4 (Lot Size 3450)

BHEL (1365): Sell @ 1385/90,Sl 1415,Tgt 1455/1440 OR Sell Below 1360,Tgt 1325

L&T (774.85) : Sell @ 785/90,Sl 805,Tgt 770/755/745 / Positional Trader Sell with SL 815

ONGC (688.75) : Sell @ 700/10,Sl 718,Tgt 680

Sell ORCHID CHEM (94) Dec 93.8,Sl 96,Tgt 92.8/92.4/91.4/90.6/89.6/88.7/86.6/85.5 (Lot Size 1050)

S S Cheema

With the market showing weakness inspite of all the expectations from all quarters - either it is fooling us big time or we are taking it wrong. Why should we fall - there is no reason really - agreed that there is perhaps no reason to go up - but then why should we go down? In any case it is a well known fact that the markets are difficult to predict and more so in times like these where there is extreme fear - or perhaps I can put it across that there is lack of extreme greed - people are stacking away small victories for the uncertain future. Weak global cues saw the Sensex open with a marginal negative gap of 106 points at 9,822 and moved up to a high of 9,838 in morning deals. Selling intensified in noon deals on weak Asian closing, and the index dropped to a low of 9,644 - an intra-day swing of over 190 points. The Sensex finally closed with a loss of 242 points (2.43%) at 9,687. All the sectoral indices closed with losses. The BSE Realty index was down nearly 5%. Market breadth was extremely bearish - out of over 2,555 scrips traded, over 1,745 declined. Satyam dropped over 13% to Rs 140. Jaiprakash declined over 10% to Rs 78. Tata Motors slipped over 7% to Rs 175.

Nikkei was closed today - not that a very bright and sunny day was expected from their part of the country. Hang Seng was down 2.75% and Strait Times too lost a good 1.21%. Was there any chance of going green - not that I can find any reason - the markets infact opened green - trailed along the neutral line but on the negative side and then dipped down greater red before closing. Europe was in the twilight zone - neither here nor there. FTSE was green like rest of Europe for the entire time but dipped very aggressively down barely closing with its head above the water at 0.16% in green. Same story was repeated by DAX and CAC - but unfortunately they could not keep their head above the water and ended 0.21% down (DAX) and 0.73% down (CAC). Frankly I would have called it a flat closing had it not been the sudden and extremely steep fall towards the end of the session for all the indexes. US was not the bad influence - it had infact started out green but towards the mid session all the indexes are down red - Dow down 0.55%, Nasdaq down 0.70% and S&P down 0.59%. The session end is still some time away so the market can frankly swing either side.

With all this doubts floating around it is difficult to take a positive call so instead of taking a call I will just present facts and wait for the markets to what they intend to do – confuse us. On dec 19 – candles made a doji – well it was not really a perfect one but that was the day when the candles left the upper end of the Bollinger Band. The drop then continued for the next two days – building a bit of momentum – growing bigger every passing day. The only saving grace that I see is that the candles closing is still not below the opening of 18th Dec. There was a serious attempt for the candles to cross above 50 EMA. A cross over would have perhaps done wonders but that is not to be and the 5 EMA line is still above 20 EMA so that is all that is left. The volumes were less to say the least – so may be – just may be if the volumes pick up we may go green like hell. MACD red line is still above the green but divergence has certainly reduced. RSI is good but looks down. Slow Stochastic is giving a certain sell – having crossed over below 80 line. TRIX still looks up but showing doubts – perhaps a little bit at the moment but doubt nevertheless.

Pivot data…
R3 3123 against 3193 on yesterday
R2 3071
R1 3019
Pivot 2988 against 3058 on yesterday
S1 2936
S2 2905
S3 2853 against 2924 on yesterday
Projected High Range 3004 to 3045
Projected Low Range 3034 to 2993
Fib Projected High 3062
Fib Projected Low 2934

It is the last day to square up tomorrow – so let us see where we go – frankly there should be some lower side before we go up.

This is how the markets traded on 23rd on pivots. It opened below the Support 2 and then never looked up. See it showed signs of recovery at support 2 but breached it during its second attempt.

I will try to include this chart when





Manas

Nifty will be very weak trading below 2987, and a closing below 2987 would mean that nifty will hit atleast 2906 before any upmove.

However if crosses 2987 for intraday, will go on to hit 3015.

try and trade both ways

for 24-12-08 ***** 1| buy reliance nse arnd 1210-15 stoploss 1179 for tgts 1270 then 1290 2|buy hdil nse near 135 stoploss 131 for tgts 144 then 148 3|buy 50 % educomp nse 2548 and 50 % 2524 stoploss 2490 for tgts 2600 and 2630 4| buy 50 % nifty fut. jan 2925 and 50 % 2895 with stoploss 2871for tgts 2970 then 2995 !
bhavi kumar: for 24-12-08 ***** 1| buy reliance nse arnd 1210-15 stoploss 1179 for tgts 1270 then 1290 2|buy hdil nse near 135 stoploss 131 for tgts 144 then 148 3|buy 50 % educomp nse 2548 and 50 % 2524 stoploss 2490 for tgts 2600 and 2630 4| buy 50 % nifty fut. jan 2925 and 50 % 2895 with stoploss 2871for tgts 2970 then 2995 !

(Ilango)

Nifty has broken the trendline of this rally from 2570 to 3110 on a closing basis.
As there is a +ve divergence in 5-Min time frame and the hourly are in the oversold region, a bounce may be expected if the Asian cues are positive.

If there is a negative cue, deeper fall may be possible.

Technically, the daily sell signal is triggered. Resistances at 3020-3050 need to be cleared on closing basis.2900-2920 area is the last hope for bulls to return for the short term.Trading below 2900-2920 may lead to faster fall to 2810-2820 area.

Needless to say, volatility will be high tomorrow.Trade carefully.





(Ilango)

There are resistances at 3050 to 3080 area and a possible supports near 3000 levels.
Break of 3000 will bring in swift selling towards 2980-2960 & 2930 levels.
Depending on the nature of bounce and its ability to clear past 3075 will bring in more upsides as long as 3000 holds.



(Tryin2Trade)

Rajandran

Nifty daily chart shows a Falls below 5 EMA after a long time and producing sell signal in nifty.

And Now 5 EMA line will act as a resistance zone

(Lee)

Well folks...I got some free time now...so did some analysis and am putting up some charts here with comments...This is very interesting stuff...Dont miss to go through the comments and the studies...If this call plays out, it will be quite an amazing move...!

First the sensex chart I posted in earlier post updated now.

Nifty log...Is this a wedge? Not clear enough to call.

Now the main chart...All comments here...Study closely and leave comments if you like it! :)

(EMA for NIFTY)

In the last week nifty had a good move from its low level, But RELIANCE has not move like nifty so you can see DOJI in the weekly chart of RIL this can move the market down in the coming days. One more thing is SBI created a shooting star bearish in the last trading day this also an indicator for down direction.

So we can go long if RIL and SBI Breaks the Last week high other wise be in Bear mkt side .