Markets For 24/12/2008

CMC, IBN18, IVRPRIME, SOBHADEVELOPERS, WWIL to get out of FNO after Feb Contracts are Over.
AIA, MIC, OMAXE & REDINGTON to discontinue from Today

NIFTY (2968.65) : Support at 2875 & Resistance to at 3020-3115. One can buy nifty around 2900 level.

Support : 2940 / 2920 / 2905 / 2890 / 2875 / 2855 / 2830

Resistance : 3000 / 3020 / 3045-55 / 3080 / 3115 / 3185

SENSEX : SENSEX MAINTAINS ABOVE 9630++,CAN MOVE UPTO 9905/9960 LEVELS. OTHERWISE MAY SLIDE UPTO 9470/9415 LEVELS

Support :9625-05 / 9525-40 / 9470 / 9415

Resistance : 9745 / 9805-30 / 9905-20 / 9960 / 10060 / 10300

NIFTY FUTURE (2973) : 2985-3040 acting as crucial Resistance Level .Strong Support is at 2950-2930 if this break then 2820

Support : 2950 / 2930 / 2915 / 2900 / 2820

Resistance : 2985 / 3015 / 3040 /3060

NIFTY HAS BROKEN TRENDLINE FROM 2570-3110.

INDICATORS ARE GIVING SELL SIGNALS ON EOD CHARTS, KEEP SL @ 2920 FOR SHORTS. 2920 TREND DECIDER LEVEL.

RESISITANCE NEAR 3040,SUPPORT 2920,BREAKING GIVE 100 POINT ANYSIDE

On Wednesday,Opening is Flat to Down,

Stay Short Below 2970,Sl Above 2985,Tgt 2950-2935-2905-2885-2860-2825,

Sustain Above 2990,Buy with Sl Below 2975,Tgt 3020—3040-3060-3075.

MKT COMMENTS

NIFTY FUT OI (both series) down with increasing volumes indicating unwinding of long positions.

We expect NIFTY FUT to trade volatile due to expiry.

ACCUMULATE SATYAM FOR GOOD RETURNS

FINANCIAL TECH : Risky can track Financial Tech above 565 for short term

GMR INFRA : Buy Above 75,Sl 73,Tgt 78/80

Buy BHARTI Above 720,Tgt 730/735/740,Sl 710

Buy HEROHONDA Above 810,Tgt 825-835-860,Sl 798.

RELIANCE COMM : Buy Above 218,Sl 215,Tgt 220/225

RELIANCE INDUSTRIES : Buy Above 1275,Sl 1260,Tgt 1280/1305/1320

CAIRN ENERGY LTD : Buy Above 160,Sl 158,Tgt 163/165/167
TATA STEEL : Buy Above 222,Sl 215,Tgt 226/230/235/238/245

HINDPETRO LTD : Buy Above 274,Sl 270,Tgt 280/285/290/295/315

Sell ASIANPAINT Below 875,Tgt 865-850-830,Sl 885

Sell BHARTI Below 710,Tgt 695-685-655,Sl 725

Sell ICICI BANK Below 425,Tgt 415-400-370,Sl 430

TATA POWER(733) : Sell with Sl Above 745,Tgt 725/710

Sell ROLTA Below 120

UNITECH LTD
Buy Above 44,Sl 43.5,Tgt 45.8/49.5/51.7

Sell Below 41.5,Sl 42.5,Tgt 39/38++

RCOM

Buy Above 218,Sl 216,Tgt 221/225+

Sell Below 214,Sl 216,Tgt 211/208

UNION BANK

Buy Above 159,Sl 158,Tgt 161/165

Sell Below 157,Sl 158,Tgt 155/152

FUTURES

Buy VIJAYA BANK Dec @33.45,Sl 33,Tgt 33.8/34.3/34.9/35.4/35.9/36.4 (Lot Size 3450)

BHEL (1365): Sell @ 1385/90,Sl 1415,Tgt 1455/1440 OR Sell Below 1360,Tgt 1325

L&T (774.85) : Sell @ 785/90,Sl 805,Tgt 770/755/745 / Positional Trader Sell with SL 815

ONGC (688.75) : Sell @ 700/10,Sl 718,Tgt 680

Sell ORCHID CHEM (94) Dec 93.8,Sl 96,Tgt 92.8/92.4/91.4/90.6/89.6/88.7/86.6/85.5 (Lot Size 1050)