Markets For 21/01/2009

NIFTY (2796) : MARKETS ARE TRADING IN TIGHT RANGE OF 2700-2850.

Support : 2755 / 2725 / 2685 / 2645

Resistance : 2825 / 2840 / 2885 / 2915/30 / 3020

NIFTY FUTURE ( 2776)

Support : 2745 / 2710

Resistance : 2800 / 2820

SENSEX (9100)

Support : 9035 / 8970

Resistance : 9165 / 9225

Nifty trend: Nifty is seems to range bound 2700-3200 as per short term. If Nifty able to sustain close above 2800 for 3-5 session then we can see bullish trend in nifty. Now Next resistence level in nifty is 2930-3020

BSE Sensex Trend: Sensex now near its crucial and psychological support of 9000 after break this level we can see more downtrend like 8940/8800 level also and upside 9300/9500. In Sensex 9400 is major level in Sensex and closing above 9400 for 2-3 days we can see sharp rally but on every higher level is very cautious.

MKT COMMENTS

NIFTY FUT OI marginal up with 39% increasing volumes indicating forming of short positions.

We expect NIFTY FUT to trade volatile, selling will emerge on every rise.

On Wednesday ,Opening is Flat to Down,

Stay Short Below 2780,Sl Above 2800,Tgt 2755-2715-2705-2645-2610

Sustain Above 2810,Buy with Sl Below 2790,Tgt 2840-2855-2885

OR

Risky Positional Traders

Sell NIFTY Jan @ 2800-2820,Sl 2870,Tgt 2765-2750-2735-2705

Buy GNFC Above 55,Tgt 60-63-65,Sl 51

Buy INDIACEM Above 105,Tgt 110-112-117,Sl 100

Buy HEROHONDA Above 835,Tgt 850-865-895,Sl 830

Buy BHEL Fut/Eq above 1405

Sell BANKINDIA Below 250,Tgt 245-240-225,Sl 255

Sell CMC Below 305,Tgt 300-295-285,Sl 310

Sell GAIL Below 205,Tgt 200-195-185,Sl 210

Sell ICICI BANK Below 395,Tgt 390-380-360,Sl 405

Sell ACC Below 485,Tgt 480-478-473,Sl 490

TATA POWER (769) Sell with Sloss Above 785,Tgt 740/735.

ABB
Buy Above 445,Tgt 450/455/460,Sl 440

Sell Above 440,Tgt 435/430/425,Sl 445

JPHYDRO : JAN FUTURE 32.55

Buy it on Crossover & Sustain Above 33 ,Sloss 32,Target 33.85/34.70/36 levels. On down side support exists at 31.80/31 levels.