Markets Weekly For 22-12-2008 To 27-12-2008

Weekly Trend (22-12-2008 to 26-12-2008) Volatile and Mix

2775 / 2845 / 2890 / 2965 / 3040 [NIFTY SPOT : 3077.5] 3110 / 3150 / 3205-10-20 / 3225 / 3250

9300 / 9420-90 / 9630 / 9760 / 9805 / 9970 [SENSEX : 10099.91] 10310 / 10440 / 10530/575

2850 / 2970 / 3040 [NIFTY FUT : 3080] 3155 / 3230

4460 / 4800 / 5025 [BANK NIFTY : 5156.05] 5375 / 5600

Buying Expecting Once SENSEX Starts Trading Above 10180 , Till Then Be Stock Specific Only.

Mkt View
WEEKLY MARKET OUTLOOK
Trend : Bullish
NIFTY FUT OI up 8.48%, NIFTY FUT up 5.50%, last week.
OI of NIFTY 3000 CE is down 18.71%, with rising prices showing profit booking.
OI of NIFTY 3100 CE is 66.64% with flat prices showing call buying. OI of NIFTY 3200 CE is up 66.24% with decreasing prices showing call writing.
OI of NIFTY 3000 PE is up 338.57%, 3100 PE is up 1292.13% with decreasing prices showing put writing .

We expect NIFTY SPOT Strong Resistance at 3210-20 levels. On down side, Support at 2965, 2890 levels.

We expect expiry between 3100-3200 levels in current situation.

WEEKLY VIEW ON NIFTY FUTURE
FERTILISER
Trend : Bullish
Total OI of BIANDALAGRO FUT up 6.31%, CHAMBLFERT FUT up 39.47% GNFC FUT up 156.90% and NAGARFERT FUT up 49.94% with rising prices last week.

FertIliser STOCK FUT showing long positions build up in last week trade.We expect positive move in coming week.

NIFTY FUT OBSERVATION
WEEKLY NIFTY FUTURE OBSERVATION
Observation:-
1) NIFTY FUT Total OI up 8.48%, NIFTY FUT up 5.50%, last week.
2) Out of NIFTY 50 Stock FUTS, 40 Stock FUTS closed positive,7 Stock FUTS closed negative and 3 Stock FUTS closed flat last week.
3) OI of NIFTY 3000 CE is down 18.71% showing profit booking. NIFTY 3100 CE OI up 66.64 % with flat prices showing call buying.

NIFTY 3200 CE OI up 66.24% with decreasing prices showing call writing last week.
4) NIFTY 3000 PE OI up 338.57%, NIFTY 3100 PE OI up 1292.13% with decreasing prices showing put writing last week.

Last week I said I see Markets headed towards 3050 and Markets end at 3077.

NIFTY is yet a bit bullish and I expect markets to touch 3100 in this week. If it crosses 3110 then we see NIFTY headed towards 3220 & 3250.

Monday expect a positive to flat opening.

Simple moving averages –

5 D	8 D	13 D	20 D	39 D	50 D	200 D
3023	2986	2884	2814	2835	2953	4157

Support & Resistance :

Previous Resistance : 2835

Previous Support : 2500

5 Days Highest High : 3107

5 Days Lowest Lows : 2923

Conclusion:-
I expect NIFTY SPOT will show limited up move next week due to expiry. NIFTY SPOT Resistance at 3110,3150 levels. Any up move beyond 3205 levels will attract profit booking. Strong Resistance at 3250 levels. Support at 3030-40, 2965 levels. Expiry possible between 3100-3200 levels.

DLF LIMITED (C-307.90):Weekly Chart Looking Strong. Buy Around 285,Tgt 360+++,Support 260/210

HIND LEVER (C-265.65): Weekly Chart Looking Strong. Buy Around 255-260,Tgt 275++,Support 245/225

INDIAN OIL CORP (424) : Buy On Declines,Support 410/415,Tgt 460/480,Sl 385

SUN TV (166) : Buy On Decline Or At CMP,Tgt 180/190,Sl 150 ( Investors Accumulate Sl 140,Tgt 190/210)

JM FINANCIAL is Speculative Multibagger.CMP 25.Buy From Profits.Year Target is 150+.Investor Stoploss 17

Rocket Stock…. RPG LIFE SCINCES Ltd. At 21.35/-; Target 35/-

Value Buy-GODAWARI POWER-CMP 68 Back Price 135,Target 180++