Weekly Trend (20-10-2008 to 24-10-2008) Volatile and Mix
S3-2585, S2-2745, S1-2902 [NIFTY SPOT] R1-3190, R2-3345, R3-3505.
S3-8415, S2-8925, S1-9460 [SENSEX] R1-10375, R2-10890, R3-11410.
Market View (20/10/2008)
Sensex
Resistance: 10240-10390-10540-10920-11100-11545
Nifty
Resistance: 3195-3260-3325-3445-3505
RESULT 2MORO:Shree Cements,Idea,Jet Airways,Canara Bank,I&LFS,Titan Inds,Mindtree,Akruti City,EMCO,Voltamp Trans,KPIT Cummins,Patel Engg.
FII's sold shares worth Rs 46,661.20 crore so far
(till 16 October 2008).
Reliance Industries will declare its Q2 September 2008 results on 23 October 2008. According per media reports, RIL’s gross refining margins, or GRMs, are expected to decline significantly in Q2. As per research report published by foreign brokerage houses, RIL may report a 4.3% fall in its gross refining margins (GRM) to $13 per barrel in Q2 September 2008 over Q2 September 2007. The GRM is the difference between the selling price of the finished products and raw material cost.
Reliance Industries has 13.64% weightage in Sensex and therefore any sharp fall in the stock may drag the key indices further lower.
Opening is flat to down,
Monday if Nifty Future cross the level of 3125 then it can go up to the level of 3160/3260/3320/3375/3465(Sl : Blw 3110) but if Nifty Future trade below the level of 3120 then it can go below the level of 3070/3005/2965/2855/2760.(Sl : Abv 3145)
INTRADAY
Buy GAIL Above @ 245 Target 270-295-350.
Buy PATNI Above @ 160 target 165-175-185.
Buy BOB Above @ 305 target 310-325-335.
Buy BPCL Above @ 355 Target 360-375-395.
Buy CORPBANK Above @ 230 Target 235-240-245.
Buy GRASIM Above @ 1280 Target 1320-1395-1500.
Buy RCOM Above @ 235 Target 245-260-280.
Sell ZEETELE Below @ 145 Target 140-132-115.
Sell STER Below @ 270 target 255-235-180.
Sell RELCAPITAL Below @ 600 Target 540-475-315.
Sell ONGC Below @ 775 Target 750-715-645.
Sell MASTEK Below @ 215 target 210-200-180.
Sell ICICIBANK Below @ 190 target 370-345-290.
Sell HDFC Below @ 1780 Target 1730-1675-1550.
POSITIONAL FUTURES :
Sell RANBAXY & ONGC Fut at every rise (Charts Giving A Heavy Downfall For Short Term)
Sell Educomp Fut :Tgt 1300/1200
BUY BANK OF
Last Week in our weekly out look we told a target of 3800 with a Support of 3200 level.
But it showed a Intraday High of 3648 and driffted down below 3200 and touched a new low of 3046.
Now Nifty stands near the Crucial Support of 2940 and 2910.
We feel Heavy short positions in Nifty Futures may lead to Short Covering if these 2 support levels hold as said above.
Positional Traders Can go long with these support as Stop Loss for a Target of 3360.
Move above these level with volume can take nifty to 3800 level which we feel still the target in Intact.
Short Selling or Short Circuit
SEBI releases FIIs overseas lending data as on October 09, 2008. Is this a True Data ???????
HDFC BANK: 2.5 lakh shares
HDIL: 12.66 lakh shares
Hero Honda: 3.98 lakh shares
HUL: 7.85 lakh shares
ICICI Bank: 2.68 lakh shares
ITC: 22.91 lakh shares
L&T: 8.21 lakh shares
NTPC: 5.49 lakh shares
Punj Lloyd: 3.44 lakh shares
Rel Comm: 1.31 lakh shares
RIL: 1.21 lakh shares
RPL: 3.26 lakh shares
SAIL: 3.99 lakh shares
Tata Steel: 3.25 lakh shares
Axis Bank: 1.39 lakh shares
BHEL: 1.05 lakh shares
HDFC: 400 shares
Infosys: 38,611 share
Did SEBI underestimate the extent of short selling that foreign funds were doing outside of
SEBI data showed that between October 10 and October 14, total short-selling by 17 FIIs who shared the data was worth about Rs 500 crore.????????
FIIs said there were over 50 such FIIs who also undertook broking business outside
This data seems to confirm the view held in the market that very large short-selling positions are being created overseas.
short selling positions by FIIs could be in billions of dollars although no estimate by SEBI was out yet.
Is SEBI really Sleeping or acting like Sleeping ..????????
HOW DOES THIS SHORT SELLING WORK????
Short-selling is facilitated by FIIs who issue P- Notes to their clients. Under P-Note transactions, an FII buys stocks in the Indian market for its client, “A”. As client A is unwilling to hold the shares in its name, the FII keeps the shares in its own name. Now, this FII also has client “B”, who wants to go short on some Indian stocks.
So, the FII lends stocks bought on behalf of client A to client B who wants to take a short position by writing derivative contracts. This short selling affects the price of the stock in which client B has created a short position.
A section of the market players has been asking SEBI to ban short-selling through this route and argued that if such a step is taken, a number of FIIs will be forced to cut their short positions by buying in the Indian market.
As a result of this buying, huge FII inflows will be seen almost immediately. Such inflows, estimated to be in billions, will help the equity market as well as the country’s reserves. Even individuals who profit from short-selling in intra-day trades will stop such speculative activities, helping the market recover
Commodity :
COMMODITY ALERT-SILVER CLOSE AT 17215 ON MCX HEAVY SELLING WILL TAKE TO 15885 -14110
SILVER MCX Weekly
Support : 17050/16875/16675/16375/16100.
Resistance:17750/17650/17850/18125/18400.
GOLD MCX (MONDAY) :-
Support at 12485/12435/12370.
Resistance at 12615/12655/12690
GOLD MCX Weekly
Support :12485,12400 (Strong,12350/12245/12115)
V.V.strong.Resistance:12685/12795/12860/12905/13000.
CRUDE MCX Weekly
Support at 3520/3420/3320/3235.
Resistance at 3670/3735/3795,3860/3985.
Happy & Safe Trading
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