Markets For 11-12-2008

US markets ended positive after a volatile secession.

Europe ended mixed.

Asia has opened marginally lower. I expect Indian markets to open flat to negative.

Today inflation is to come out.

Keep booking profits at every levels.

Yesterday FII’s were net buyers of over 900 Cr. So we may open positive only.

AN OBSERVATION:WHENEVER NIFTY ENDS NEAR DAY HIGH WITH BIG UPMOVE THEN NXT DAY EITHER IT WILL BE A CLOSE BELOW THE OPEN(RED)OR SAME(DOJI)LVLS

NIFTY (2928.25)

Resistance : 2950 / 2965 / 2990 / 3015 / 3035-45

Support : 2870 / 2840 / 2810-800 / 2770 / 2730

SENSEX (9654.9)

Resistance : 9795 / 9935 / 10000 / 10325

Support : 9535 / 9450 / 9380 / 9140

NIFTY FUT (2937.4)

Resistance : 2970-85 / 3000 / 3025 / 3055

Suuport : 2890 / 2860 / 2820 / 2785

BANK NIFTY (4589.7)

Resistance : 4635 / 4705

Support : 4525 / 4460 / 4345

Technical Outlook (11th December 2008)

As already mentioned yesterday "Nifty failed to cross & close above the resistance level of 2835-2845 which is a bearish sign. Now Nifty will try to test the support of 2755 & 2625. Close below 2625 can wipe off 200+ points & on the other hand, Nifty will be heading for 3050-3100 if it manages to close above 2845." Nifty finally gave decisive bullish breakout from a kind of "Ascending Triangle" pattern & touched an intra day high of 2940 before closing at 2928, about 144 points above the previous close. Although Nifty is overbought & corrective decline to 2862 & below not ruled out but since many key index stocks like Reliance, BHEL, Wipro, Century Textile, Tata Steel, Tata Motors, DLF have given bullish breakout in short term charts so any corrective decline may live for short term only & lower levels can be used for fresh buying with SL.

As far as, EST charts are concerned, Nifty may attract profit booking in the region of 2980-2990 whereas, it has got strong support at 2845-2865. On the other hand if Nifty re-enters the bullish pattern by staying below 2845 then the short term bullish targets will be negated.

Sector wise, most of the infrastructure, banking, brokerage, steel, pharma, aluminum, cement, communication, telecom, auto, housing fin., power, chemicals stocks were again on fire for third consecutive day after the announcement of incentive package from Indian Govt. Only a select stocks like Hind. Motors, Rolta, Power Grid, Ranbaxy, BOB, Tata Tea were among the lowers for the day. As far as, A/D data is concerned, it was in favor of :bulls in the ratio of 17:7 with 362 declines & 826 advances during the day.

In nutshell, Nifty has given decisive bullish breakout from an "Ascending Triangle" pattern with high volumes which will pave way for target of 3100+. On the other hand, Nifty's move below 2845 may negate/delay the bullish targets for some time. The best strategy should be to buy on corrective declines till 2855 for bullish target of 3100+ which is likely to be achieved soon.

MKT COMMENTS

NIFTY FUT OI up 7.83% with 5% increasing volumes indicating not only short covering plus forming of long positions too.

For intraday up move NIFTY SPOT need to sustain above 2940 levels, Below 2870 levels weakness expected.

On the Thursday if Nifty Future trade above the level of 2905-10 then it can go up to the level of 2935-40/2965/2990/3015/3050/3070 but if Nifty Future goes to break the level of 2895-90 then it can go below the level of 2860/2775/2645.

DOWJONES SUSTAINING ABOVE 8800 TGT 9300-9500,10200;

FTSE IF SUSTAINS ABOVE 4250 TGT 4550-4700 SUPPORT 3850;

DAX IF SUSTAINS ABOVE 4750 TGT 5150

RPL

Buy Above 79,Tgt 81/83

Sell Below 74,Tgt 72/70

IRB Infrastructure.

Buy Above 89,Tgt 91/93/94

Sell Below 85,Tgt 82/80

Sun TV Network.

Buy Above 174-76,Tgt 178/180

Sell Below 168,Tgt 166/165

ROLTA

Buy Above 132,Sl 130,Tgt 133/136

Sell Below 129,Sl 130,Tgt 127/124

REL CAPITAL

Buy Above 465,Sl 460,Tgt 470/475 ( If closing above 470 watch this counter move to 500 effortlessly )

Sell Below 460,Sl 465,Tgt 450/435/405

MADRAS CEMENT (C-66.75)

Looking Strong: Buy around 64.5,Tgt 70+++,Support 61/56

INDIA CEMENTS (C-94)

Looking Strong: Buy above 97,Tgt-110/140,Support 86/78

ABAN LOYD CHILES(C-702.9)

Looking Strong: Buy around 682,Tgt 731+++,Support 655/605

RELIANCE COM(C-228.5 )

Looking Strong: Buy around 223,Tgt 237+++,Support 215/200

Buy PunjLloyd 155.5 sl 148 Tgt 167 175

Buy TATAMOTOR Above @ 166,Tgt 175-185-215,SL-160.

Buy MCDOWELL-N Above @ 963,Tgt 990-1025-1095,SL-950.

RIL(1227)

Buy @ 1205/1190,Sl 1167,Tgt 1250/1265/1275 / Position trader hold long with SL 1165

RCOM( 228)

Buy @ 219,Sl 213,Tgt 228/235/230 , if open high avoid buying in last hour

Buy WELSPUN GUJ Above 87,Sl 84,Tgt 92/95

Buy ANSAL INFRA Above 28,Sl 26,Tgt 30/32/35+

Buy BEML Above 308,Sl 300,Tgt 320/330/340

Buy L&T ,Sl 765,Tgt 800/825

Buy POWER GRID 74-76,Tgt 79/82,Sl 72

Buy UNION BANK 143-145,Tgt 147/151,Sl 140

CESC : Buy Above 242,Sl 238,Tgt 257-58++

TATA CHEM ; Buy Above 156,Sl 154,Tgt 160++

Sell ASIANPAINT Below @ 868,Tgt 850-825-775,SL-877.

Sell INFOSYS Below @ 1170,Tgt 1155-1130-1075,SL-1180.

Sell TCS Below @ 536,Tgt 525-515-485,SL-542.

INFY (1175) : Sell @ 1203,Sl 1220,Tgt 1167

Sell TATA COMM 505-510,Tgt 495/475,Sl 515

Buy LICHSG Dec Fut@228-230,Sl 222,Tgt 231.5/233/234/236-237/239/241-42-43/246 ( Lot Size 850 )

Sell Ashok Ley Dec Fut@ 13.1-13.3, Sl 13.75,Tgt 13/12.8/12.55/12.3/12.15/12 ( Lot Size 4775 )

Buy ABAN OFFSHORE DECFUT 705-710,Tgt 725/755,Sl 695

For short term

Buy RIL (Last close 1227) , S.L 1180,Tgt 1260 & 1300.

Buy L & T@CMP,SHORT TERM : 950,MEDIUM TERM : 1100,Sl 675

BUY BHEL,Sl 1345,Tgt 1600

MCX

SELL COPPER AT 168.20 SL 172 TGT 164

SELL GOLD BELOW 12650 SL 12740 TGT 12500

NCDEX

Commodity	Contract	S2	S1	Ltp	R1	R2	View
Barley	April' 09	1000	1025	1045	1070	1090	Sell Below 1040,Sl 1050,Tgt 1020-1000 OR Sell Ard 1090-95,Sl 1100 ,Tgt 1080-70
Castor Seed	Jan' 09	482	487.5	493	500	508	Buy Only Abv 496-500, Sl 494,Tgt 505-508 OR Sell Below 490,Sl 493,Tgt 486/482/Below towards 473
Chilli	Dec' 08	4900	4960	5010	5060	5110	Sell Only Below 4950,Sl 4980,Tgt 4900-4850/upto 4820 OR Sell Ard 5095-100,Sl 5110,Tgt 5060-50
Undecorded Cotton (Akola)	Jan' 09	424	429	432.9	440	443.5	Sell Below 429 S/L 432,Tgt 424-421/Below down rally OR Sell Ard 442-442.5,Sl 443,Tgt 440-438
Guar Gum	Jan' 09	3400	3450	3510	3560	3620	Sell below 3475 & 3450 ,Sl 3495,Tgt 3420-3400/3370/Below Down OR Sell Ard 3588-95,Sl 3600,Tgt 3560-40
Guar Seed	Jan' 09	1445	1470	1491	1510	1530	Sell Only Below 1475 Sl 1485,Tgt 1460-45/Sustain Close Below Potential Towards 1350-25 in coming days OR Sell Ard 1524-25,Sl 1530,Tgt 1510-1500
Gur	Jan' 09	696	704	714.4	720	730	Buy Abv 718,Sl 714,Tgt 725-30 OR Buy Ard 694-695,Sl 693,Tgt 698-702
Jeera	Jan' 09	10450	10550	10558	10675	10775	Sell Below 10550,Sl 10630,Tgt 10450/Towards 10300 OR Sell Ard 10720-730,Sl 10750,Tgt 10700-680, Only Abv 10775 Avoid Short Sell
Kapas SN	April' 09	473.5	476.5	479	488	494.5	Sell Below 478,Sl 480, Tgt 473/467/66/462.5/ Below Down Rally OR Buy Abv 488,Sl 485,Tgt towards 494-498 in coming days
Maize	Jan' 09	800	813	825	828	835	Sell Below 813,Sl 820,Tgt 800-790 OR Sell Ard 840-42,Sl 845,Tgt 834-828
Pepper	Jan' 09	10000	10100	10217	10450	10600	Sell Below 10200,Sl 10260,Tgt 10100/Towards 9800 in coming days OR Sell Ard 10440-50,Sl 10475,Tgt 10375-300
RM Seed Jaipur	Jan' 09	576	584.5	591.05	595	605	Buy Only Abv 595,Sl 592,Tgt 600-605 OR Sell Below 585,Sl 589,Tgt 581.5-578/572.5/ Below Down Rally

Have you ever benefited from my ideas? If yes please post a comment bellow.

Happy Investing.