INTRADAY TIPS FOR 18 JANUARY 2010

GOOD MORNING!!!

LAST DAY WE HAVE WITNESSED MARKETS EDGING HIGHER IN EARLY TRADE TRACKING HIGHER ASIAN STOCKS. THE MARKET LOST GROUND LATER AND CAME OFF THE DAY'S LOWS IN MORNING TRADE. THE MARKET HIT A FRESH INTRADAY LOW IN MORNING TRADE IT WAS COMPLETELY A CHOPPY TRADING SESSION. ALONG METAL AND CAPITAL GOODS STOCKS RELIANCE ALSO FELL. BUT, REALTY STOCKS ROSE. THE MARKET BREADTH TURNED NEGATIVE IN LATE TRADE IN CONTRAST TO A STRONG BREADTH EARLIER IN THE DAY.
WE EXPECT MARKET TO REMAIN IN A CHANNEL WHERE IT NEEDS TO BREAK THE CHANNEL TO PAVE A PATH FOR THE NEW TREND. TODAY IF NIFTY TRADES BELOW 5244 THEN LIKELY TO TEST TAKE A SUPPORT AT 5214 LEVELS AND ANY BREAK BELOW THIS LEVEL WOULD TAKE NIFTY TO 5197 WHICH IS VERY CRUCIAL AND BREAK BELOW THIS LEVEL WOULD TAKE IT TO 5177 AND ANY CLOSE BELOW 5197 IS CONSIDERED TO BE BEARISH. AND ON THE UPSIDE IF NIFTY TRADES ABOVE 5262 THEN LIKELY TO MOVE UP TO 5285 AND BREAK ABOVE THIS LEVEL WOULD TAKE NIFTY TO 5311 AND ANY CLOSING ABOVE 5285 WOULD TAKE NIFTY TO NEW HIGHS OF THE RECENT PAST. WE MAY SEE MOVEMENT IN IT, CEMENT AND PSU’S.

BUY TCS SL 785 TGT 804/809
BUY HDIL SL 374 TGT 389/394/399
BUY CENTURY TEXTILES SL 584 TGT 594/599/608
BUY AMBUJA CEM SL 109 TGT 117/119
BUY BOMBAY DYEING SL 559 TGT 586/590/594
SELL RELIANCE SL 1116 TGT 1095/1080
SELL PNB SL 917 TGT 897/882