Markets For 07-11-2008

MKT COMMENTS

NIFTY FUT OI down 3.33% with 18% increasing volumes indicating short covering. We expect NIFTY FUT to trade volatile.

As we are saying continuously that there is no strength in the market & market is continuously falling, now if Nifty Spot go to break the level of 2745 then once again it will try to re test the recent low of 2250 which will be the very dangerous sign,so please do not keep any long positions & do only daily trade.

On the Friday if Nifty Future crosses the level of 2920-25 then it can go at the level of 2980/3035/3080/3115 (Sl Below 2905-2900) but if Nifty Future do not cross the level of 2895-2900 then it can go below the level of 2825/2780/2750/2630/2570 (Sl Above 2915-2920).

Nifty Intraday Levels –07.11.2008

RES 1- 2980 RES 2- 3070 SUP 1 – 2830 SUP 2 – 2770

Sensex Intraday Levels – 07.11.2008

RES 1- 10020 RES 2- 10300 SUP 1 –9540 SUP 2 –9350

ALERT : No new long position till 3070

If 2860 broken & stays below our tgt 2825/2780/2750/2630

ALERT : May be we can see NEW LOW

STRONG BUY FOR SHORT TERM : BUY SARDA ENERGY & MINERALS LTD CMP 76.55 TGT 150 IN 3-4 MONTHS.

RELINCE 1140 PUT : BUY AT 82/83 S/L 50 TARGET 120,145;

NIFTY PUT : BUY AT 160/62 TARGET 350.(ONE WEEK HOLD)

Sell EDUCOMP below 2385 keep stoploss at 2445 lower targets 2275, 2240, 2190

AMBUJA CEMENT : Stock looks weak …… sell below 54.50 keep stoploss at 56.5, targets 51/49++;

Sell MARUTI @ 610 with SL 620 TGT 593/586/572;

Sell SBI @ 1241/1255 with SL 1270 TGT 1220/1183;

Sell TATA POWER @ 736 with SL 755 T 688 if sustain below then 660 same or next day

Scrip	Trigger	Price	Stop Loss	Target 1	Target 2
RANBAXY	BUY ABOVE	219.30	217.35	221.70	225.15
	SELL BELOW	214.55	216.45	212.15	208.90
ICICIBANK	BUY ABOVE	438.20	434.25	443.00	449.85
	SELL BELOW	428.65	432.50	423.95	417.35

Tata Powers (Last closed = 718 ) Sell with stop loss above 730 tgt-705-690.

Do not short sell but BUY stocks like TataComm, Kotak Bank,DLF,Renuka,Gvk Power