WISHING YOU A HAPPY AND PROSPEROUS NEW YEAR 2010
LOWER INDEX FUTURES AND CONSOLIDATION IN EUROPEAN MARKETS TRIGGERED INDIAN INDICES IN PROFIT TAKING. VOLATALITY WAS HIGH AS TRADERS HAVE ROLLED OVER THEIR POSITIONS FROM THE PRESENT MONTH CONTRACT TO THE NEXT MONTH. WE HAVE WITNESSED SOME PROFIT TAKING AFTER A STRAIGHT 4 DAY RALLY, THOUGH WE HAVE WITNESSED SOME PROFIT BOOKING MARKET BREADTH REMAINED STRONG. THERE WAS HIGH ROLLOVER IN TELECOM, BANKING AND FMCG STOCKS AND LOW ROLLOVERS SEEN IN PHARMA AND IT AND LEAST ROLLOVER WAS WITNESSED IN REAL ESTATE.
TODAY WE MAY SEE NIFTY TO BE HIGHLY RANGE BOUND WITH THE EXPIRY. NIFTY MAY TRADE IN NARRO RANGE BOUND WITH POSITIVE BIAS BUT WOULD SUSTAIN ONLY ON THE LEVELS INDICATED BELOW. IF NIFTY TRADES ABOVE 5200 THEN LIKELY TO MOVE UP TO 5222 WHICH IS AGAIN A STIFF RESISTANCE BREAK ABOVE THIS WOULD TAKE NIFTY TO 5250 AND THEN 5270 AND ON THE DOWN SIDE IF NIFTY TRADES BELOW 5160 THEN WE MAY HEAD TOWARDS 5120 AND BREAK BELOW AND SUSTAINED SELLING WOULD DRIFT DOWN TO 5058 LEVELS. BE CAUTIOUS DON’T SHORT ANYTHING IN THE MARKET AS MARKET STILL LOOKING POSITIVE AND BE AWAY FROM BANKING STOCKS. STOCKS LIKE LT, ITC ARE LOOKING WEAK
BUY INDIAN HOTEL SL 100.90 TGT 103/105
BUY HINDOIL EXPLORATION SL 287 TGT 307/312/318
BUY RELINFRA SL 1144 TGT 1169/1179
