Markets For 29-12-2008

NIFTY ( 2857)
Support : 2830-10 / 2790 / 2760 / 2720-10
Resistance : 2895 / 2930-45 / 2975/ 3005-15 / 3030

SENSEX
Support : 9180 / 9030
Resistance : 9595 / 9855

NIFTY FUTURE ( 2862)
Support : 2825 / 2780
Resistance : 2885 / 2945 / 3015


NIFTY ANALYSIS : It was the 4 consecutive lower closing for Nifty. After two weeks rally, some correction was expected but if Nifty closes below 2814 for two consecutive days then it may slide down to around 2650-2600 level. Now, 3100 level will be strong resistance area for the Nifty. Investment buying suggested only if Nifty closes above 3100. Most of the heavyweights are again started showing the sigh of weakness. Particularly, specific stocks from SOFTWARE, ENGINEERING and AUTO sectors are looking weak on charts. For Monday, Nifty has support comes at 2810 then 2790 and resistance exists at 2945.

NIFTY FUTURE : Now for a day trading view, It will face resistance at 2885 if trade above this will lead ti to the 2945 to 3015 level. At downside last support at 2825 if close below this then it may retest 2500 level soon.

BSE SENSEX : It has a support around 9180 level suppose not break then again it try to kiss 9445 and then 9595. below 9180 it is more chance to touch 9030 to 8765 level. Bull run confirm only after 2 consicutive close above 10010.

MKT COMMENTS

NIFTY FUT OI flat with increasing volumes indicating unwinding of long positions and forming of fresh short positions too.

We expect NIFTY FUT to trade volatile. More weakness expected below 2840 levels.

On the Monday,Opening is Flat to Down,

Stay Short Below 2860,Sl Above 2880,Tgt 2825-2810-2770-2645,

Sustain Above 2885,Buy with Sl Below 2865,Tgt 2925-2945-2960-2995-3005.

Selling Expecting Once SENSEX Starts Trading Below 9295, Till Then Be Stock Specific Only.

INTRADAY

RELIANCE : Below 1230 level it try to kiss 1185 and if break this too then slide up to 1160 to 1110 level. At upside above 1230 it go for 1255 to 1300 level.

RIL Jan Fut (1212) : If open Low Buy @ 1185,Sl 1170,Tgt 1220/1230/1255

SBI : For a day trading view,it face Resistance at 1260 level once cross this then go for 1290 to 1340 level. At downside it has support at 1205 and then 1170.

SBI Jan Fut (1244) : Sell @ 1270-65,Sl 1280,Tgt 1220 below it then 1205

OR

If Open Low Buy @ 1210,Sl 1190,Tgt 1235/1245/1250

Buy 1260 SBI Call When SBI in Fut is Around 1220-05,Sl 1190,Tgt as Above

TATA STEEL : Above 215 it go for 220 to 235 level. At downside support at 205 and then 195.

Sell TATASTEEL Below 210,Sl 215,Tgt 205-200-195

L&T : Above 755 it go for 775 to 805 level.at downside support at 725 and then 705.

L&T Jan Fut (744.4) : Sell @ 760,Sl 780,Tgt 740-725 / Position traders hold short with SL 780

Buy 700LT Jan Put @ 760+ 770,Sl 780 & Hold For Day With Same Targets

INFOSYS : Now it is possible to touch 1080. if break this then slide up to 1050 to 995 level. At upside it face hurdle at 1135 level and then 1165.

ONGC : It is possible to it come down upto 615 level and if break this then slide more upto 595 to 555 level. At upside it face hurdle at 660 if cross this then it go for 680 to 720 level.

Buy ONGC Above 640,Sl 630,Tgt 650/655/665/670++

REL CAPITAL : Now it down up to 495 level if break this then slide upto 470 to 440 level. At upside face resistance at 530 and then 550 level.

REL INFRA : It has a support around 510 level if break this then slide upto 480 to 435 level. At upside it face hurdle at 560 level if cross this then go up to 590 to 635 level.

BHEL : It face hurdle at 1325 level if cross this then go for 1355 to 1410. At downside support @ 1265 if break then panic up to 1235 to 1180 may seen.

DLF : Now it slide up to 265 level and if break this then 255 to 235 is possible. At upside it face hurdle at 285 and then 295.

Buy RCOM Jan Fut Above 200,Sl 195,Tgt 205/215/220+

Buy IOC Jan Fut @ 418-19,Sl 415,Tgt 421/423/425/432/438/442/446/450 454 (Lot Size 600)

Sell SATYAM Jan Fut @ 136,Sl 138,Tgt 135/134/132/131/128/127/126 (Lot Size 600)

GE SHIP : Exports down, business down, then how shipping co’s will be benefited? Sell Below 185 keep Stoploss 190 lower targets 175, 165

WELGUJ : Sell below 100 keep,Stoploss at 105 lower Targets 92 around.

Sell BHARTI Below 685,Tgt 675-660-640,Sl 690

Sell CMC Below 295,Tgt 275-255-,Sl 305

Sell JETAIRWAYS Below 185,Tgt 175-165-150,Sl 190

Sell ROLTA Below 110,Tgt 105-95-75,Sl 115

Buy HCL-INSYS Above 88,Tgt 90-95-105,Sl 85

Buy NATIONALUM Above 180,Tgt 185-190-200,SL 175

TATA POWER (730) : Sell,Stoploss Above 745,Tgt 715-705.

Sell ADLABS Below 165

POSITIONAL FUTURE

Sell TATACOMM , ONGC , TATASTEEL