Markets For 09-12-2008

NSE INDEX (C-2920.40)

Resistance : 2960 / 2985 / 3005 / 3040 / 3085 / 3150 / 3250

Support : 2885 / 2865 / 2835 / 2805 / 2725

BSE SENSEX (C-9586.88)

Resistance : 9860 / 10205 / 10815

Support : 9510-Weak / 9240 / 8890

NIFTY FUTURE (C-2914.10)

Resistance : 2980 / 3080 / 3145 / 3250

Support : 2880-Weak / 2815 / 2715

BANK FUTURE (C-4970.75)

Resistance : 5110 / 5290 / 5610

Support : 4790 / 4610

MKT COMMENTS

NIFTY FUT OI down 4.07% with 58% increasing volumes indicating unwinding of long positions and forming of aggressive short positions.

We expect NIFTY FUT to trade negative.

On the Friday ,Opening is Flat to Down,

Stay Short Below 2950, Sl Above 2970,Tgt 2920-2885-2860-2820-2710-2645,

Sustain Above 2970,Buy with Sl Below 2950,Tgt 2995-3025-3050-3070-3150.

INTRADAY

Buy INFOSYS Above 1195-1200

Sell NTPC Below 172,Tgt 168-165-160,Sl 175

Sell SIEMENS Below 300,Tgt 295-290-285,SL 305

Sell TATASTEEL Below 230,Tgt 220/215,Sl 235

TATA POWER (795) Sell with Sloss Above 810,Tgt 780-765

Sell CANBANK Below 200,Tgt 190-175-150,Sl 215

Sell HEROHONDA Below 770,Tgt 760-740-705,Sl 780

Sell ITC Below 165,Tgt 160-155-140,Sl 170

Sell M&M Below 305,Tgt 290-280-245,Sl 310

Sell STER Below 300,Tgt 280-255-205,Sl 310

Sell VSNL Below 505,Tgt 485-465-410,Sl 515

ROLTA : Sell Below 120,Sloss 125,Tgts 117/115/112/110/105

DLF : Sell Below 230,Sloss 240,Tgt 220/210

FUTURES

Buy HOTEL LEELA Jan @21-22,Sl 20,Tgt 22.6/22.8/23.2/24 (Lot Size 3750)

ONGC (690.20) : Sell @ 700,Sl 715,Tgt 670/665/655

RCOM (206.5) : Sell@ 215,Sl 225,Tgt 195/185 / Positional Short Hold with Sl 230

RIL (1197) : Sell @ 1225,Sl 1270,Tgt 1170/ below it then 1145

Sell GAIL Jan @197-198,Sl 201,Tgt 196/194/192/190/188/186/182/180 (Lot Size 750)

IFCI – FUT (C-21.2): Looking Weak:

Sell Around 21-23,Tgt 19/17/15,Sl 25 ( Risky Positional Traders Sl 28)

MKTS RUMOUR:RIL HAS INCURRED A MAJOR LOSS IN OIL HEDGING TO THE TUNE OF $5-$7BN.TWO TOP OFFICIALS HARISH SHAH & ALOK AGRAWAL HAVE PUT IN THER PAPER

SUN PHARMA & REL CAP TO REPLACE SATYAM COMP FROM BSE & NIFTY RESPECTIVELY FROM 12th JAN.

Commodities

Gold --- On higher side $866-$890 are resistance. In MCX downside support at 13050 and 12800.

Trading range between $830-$876.

Huge sell off can not be ruled out on break and close below $830.

Natural Gas--- Sideways to higher trading expected in near term. Buy on dips.

Copper --- On upper side consider the level of 164-166 as resistance. Above which Copper can test 168-172 in near future. Buy in the range of 150-152 for near term.

Silver --- Caught in the trading range of 10.40 to 11.50. In MCX 17500-18550.

Nickel --- As written earlier that correction expected below 590.