Markets For 23/1/2009

It was a bad day as stocks with poor results got punished today. Sensex closed at 8803, up 24 points (provisional) and Nifty at 2708, up 2 points (provisional) from the previous close. CNX Midcap index was down 2.18% and BSE Smallcap index was down 2.05%. The market breadth was negative with advances at 304 against declines of 881 on the NSE

NIFTY (2713.8)

Resistance: 2745 / 2760 / 2780 / 2800-10 / 2840

Support : 2680 / 2655-45 / 2610 / 2545

SENSEX (8813.84) : Buying Expecting Once SENSEX Starts Trading Above 8920

Resistance : 8910-30 / 9045-80

Support : 8700 / 8615 / 8585

NIFTY FUTURE(2692)

Resistance : 2720 / 2750

Support : 2655 / 2630

Expect NIFTY To Act Like A Mad Monkey Within The Range Of 2627 To 2858.
A Breakout Is Expected Soon,But Direction Unknown.

Tgts : 2515 Or 2960

MKT COMMENTS

NIFTY FUT OI up (both series) with decreasing volumes indicating short covering in current series and fresh short positions in next series.

Pull back expected, but short term trend still down.

On Friday,Opening is Flat to Down,

Stay Short Below 2710,Sl Above 2730,Tgt 2680-2645-2620-2555-2515,

Sustain Above 2725,Buy with Sl Below 2705,Tgt 2745-2780-2815

TATA POWER (713) Sell Below 715,Sloss Above 725,Tgt 700/690

Sell WIPRO Below 215/210

Sell GAIL Below 205,Tgt 200-195-190,Sl 210

Sell ASIANPAINT Below 900,Tgt 885-860-855,Sl 910

Sell BIOCON Below 110,Tgt 108-105-100,Sl 115

Sell Dr.REDDY Below 430,Tgt 415-395-355,Sl 435

Sell IOB Below 63,Tgt 62-60-57,Sl 65

Buy GRASIM Above 1185,Tgt 1220-1250-1265,Sl 1175

Buy CANBK Above 205,Tgt 210-215-220,Sl 200

Buy 3I INFO Abv 31,Sl 29,Tgt 33/35/37

Buy KSOIL 41,Sl 39,Tgt 44/47/50

RIL might show some Good Upmove Initially,as Heavy Shorts were Built in anticipation of Bad Result,Huge Short Covering may come Above 1140/45.

CAIRN

Buy Above 157,Tgt 158/161,Sl 155

Sell Below 154,Sl 155,Tgt 152/149

CIPLA

Buy Above 174,Tgt 177/180,Sl 173

Sell Below 171,Tgt 169/166,Sl 173