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Axit D ShahHello,

After flat opening markets traded in very narrow range today & tested higher band resistance of 3140-3160 & some intra day profit booking was seen. In this profit booking Nifty tested supports of 3050 spot levels. Again some value buying or pull back merged from supports & managed to close at 3113 spot.

Nifty Close 3113
Supports : 3080, 3050, 3030
Resistances : 3135, 3160, 3180

For tomorrow markets are likely to test higher levels due to some momemtum buying in last hour of trade. Profit booking is also not ruled out. If we manage to close above 3160 then Nifty can test 3220 - 3250 levels. The likely trading range of Nifty could be 3050 - 3180.

RELIANCE INDUSTRIES UPDATE :

Ril, after it managed to close above 1275 showed a very sharp rise upto 1390 levels which is around 10% return in just a weeks time. What else u want ?

Ril close 1370
Supports : 1350, 1335, 1315
Resistances : 1385, 1399, 1415

For tomorrow Ril is likely to trade in range of 1335 - 1385 & either ways break outs or break downs can make the stock more volatile.

PROVISIONAL CASH FIGURES FOR 06 JANUARY 2009 IN RUPEES CRORES

Fii +374
Dii -12
Fii(derivatives) +385

Please note : NIFTY IS FACING CHANNEL RESISTANCE NEAR 3150-3180 BUT SENSEX HAS CLEARED THIS RESISTANCE ON DAILY CHARTS. SO ONCE NIFTY CROSSES THIS LEVELS & MANAGES TO CLOSE ABOVE THIS THEN WE CAN SEE 3250 - 3350 OR EVEN HIGHER LEVELS. THE TRAIL STOP LOSS FOR LONG POSITIONS IN THIS CHANNEL PATTERN COULD BE CLOSE BELOW 3030 SPOT NIFTY LEVELS.

RUMORS MARKET : Since last many days there are many rumors arising in markets as when markets moves up people say there is FUEL price cut etccc & when markets give up the gains then people say that PM has given ulimatum to PAK & so onnnn.... We would like to tell this peoples that please dont spread such rumors as your decision to spread rumors is very sensitive in current volatility & many people panic & may end up making losses in a day for no reason.


(Inder Bhatia)

The Indian market opened on lower note and turned choppy but close near days high. For coming session we can see choppy move on upside 3158 will act as resistance zone on the lower side 3050 above 3158 it can test 3230 levels.

Sell GTOFFSHORE below 265 SL 273 Target 258-248
Sell PETRONET below 41 SL 44 Target 39-38-36
Sell PFC below 137.50 SL 145 Target 135-132-130
Sell SESAGOA below 90 SL 94 Target 88-85-83
Buy SAIL above 96 SL 90 Target 102-105 (High Risk)
Buy JPASSOCIATE above 106 SL 93 Target 114-120 (HIGH RISK)
buy HEROHONDA above 792 SL 785 Target 798-806



(Rish)

We are witnessing temporary injections all over the world in banking sector.
Indian Banking sector was also given some relief by reducing CRR ratio, repo rate
and the SLR whenever was needed.

Which in turn helped in nice swift rally in banking scripts.
ICICI bank saw handsome 300-500+ in a matter of approximately 2 months.
Hourly chart shows an impulse up ,Which is almost at its end.
We can witness good correction in this script from present levels.
Profit booking is advisable.
480 remains a good support.

Manas

Nifty trading below 3063 will get very weak, and can fall up to 2980 levels.

Nifty fell from resistence yesterday, but recovered again showing how strong the up trend is.

i strongly feel that we will hit 3240 before any fall comes.

this is a strong uptrend, and rather thn selling at resistence, buying at support is the best strategy.

For intraday today, trading below 3111, i will short, where nifty may fall to 3065 levels.

sustaining above 3130, 3155-3182 will be the tgts.