Nifty Spot: A higher opening attracted profit booking by traders. The 2825-2856 points’ area is a crucial supply zone which the Bulls need to absorb for fresh upswing. Pivot in the Nifty is pegged at 2672 points with 2715 and 2770 as the next resistance levels. Support in declines is at 2618 which if broken can test 2580-2560 and 2520 in a pessimistic scenario. Markets are expected to remain swinging as we inch closer to November F&O expiry, trade with a stop loss.
Nifty spot Resistance: 2672, 2715, 2778, 2825, 2856, 2880-2915
Support: 2618, 2585, 2556, 2520.
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Wednesday, November 26, 2008
Tuesday, November 25, 2008
Ongc is King today
Dont sell nifty till 2925 levels
Buy rcap.ongc
Today, Nifty would have a support at 2,640 and resistance at 2,855 and BSE Sensex has support at 8,830 and resistance at 9,395
Buy rcap.ongc
Today, Nifty would have a support at 2,640 and resistance at 2,855 and BSE Sensex has support at 8,830 and resistance at 9,395
Monday, November 24, 2008
Low opening but later good week
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Reliance Capital opens high and sell the stock on strength at around Rs.462.5/471 with a stop of Rs.481. The stock will have retest the lows once again in 48 hours. The key is Rs.458
Nifty Spot: The Nifty gained over 5% on a see-saw day of trading. After 7 days of Bear dominance; we are seeing a bullish candle. A contra-trend rally may be on the cards; but at this moment one should treat it as “running correction” and wait for a confirmation in the coming days. Resistance to the rise is pegged at 2770 and 2852 points. A decisive close on volumes above 2856 can lead to further upside. Support in declines is at 2655 and 2580 points. It would be prudent to trade in option-calls of heavyweight stocks. Keep taking profits and a strict stop loss is must as markets will be volatile.
Nifty spot Resistance: 2770, 2825, 2856, 2880-2915
Support: 2652, 2620, 2585, 2520.
Reliance Capital opens high and sell the stock on strength at around Rs.462.5/471 with a stop of Rs.481. The stock will have retest the lows once again in 48 hours. The key is Rs.458
Nifty Spot: The Nifty gained over 5% on a see-saw day of trading. After 7 days of Bear dominance; we are seeing a bullish candle. A contra-trend rally may be on the cards; but at this moment one should treat it as “running correction” and wait for a confirmation in the coming days. Resistance to the rise is pegged at 2770 and 2852 points. A decisive close on volumes above 2856 can lead to further upside. Support in declines is at 2655 and 2580 points. It would be prudent to trade in option-calls of heavyweight stocks. Keep taking profits and a strict stop loss is must as markets will be volatile.
Nifty spot Resistance: 2770, 2825, 2856, 2880-2915
Support: 2652, 2620, 2585, 2520.
Thursday, November 20, 2008
Sell Icici , Rcom
ICICI Bank is in news because of Fitch's warning on the deterioration of the company's weakening asset quality. The stock might take a big hit today as the sentiment for the financial doesn't look great either. Stay away from banking stocks for another week, as the prospects for this sector look bright in the near term. Watch out for another round of selling in Realty and we might see big drop in DLF and other realty stocks. There will be broad based selling across the board and even blue chip stocks wont be spared in the current scenario.
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Nifty buy In 2 parts 2500 n 2430 on dips
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Nifty buy In 2 parts 2500 n 2430 on dips
Wednesday, November 19, 2008
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Maruti may attract some attention as it is to launch its latest compact car, the A-Star.
Sugar stocks may also hog the limelight, as the Allahabad High Court continues its hearing in the UP sugar mill case. The court yesterday refused to pass any interim order, staying the sugarcane SAP set by the UP government.
Also watch out for Ess Dee Aluminium, which has received BIFR clearance to acquire India Foils from Vedanta group.
Airlines might gain on reports that the Government is likely to classify ATF as 'declared goods'. This will bring down sales tax on jet fuel, from over 20% at present to 4% across India.
ICICI Bank is on the edge. Resistance is at Rs.373/378 (STOP at Rs.384). The stock could head down to Rs.340
Sugar stocks may also hog the limelight, as the Allahabad High Court continues its hearing in the UP sugar mill case. The court yesterday refused to pass any interim order, staying the sugarcane SAP set by the UP government.
Also watch out for Ess Dee Aluminium, which has received BIFR clearance to acquire India Foils from Vedanta group.
Airlines might gain on reports that the Government is likely to classify ATF as 'declared goods'. This will bring down sales tax on jet fuel, from over 20% at present to 4% across India.
ICICI Bank is on the edge. Resistance is at Rs.373/378 (STOP at Rs.384). The stock could head down to Rs.340
Tuesday, November 18, 2008
Avoid going short after a negative open this morning.
We may test 2525 on the Nifty is Dow keeps haunting us and
further the previous lows of around 2250. No doubt I would still recommend investors to buy with long term horizon.
Market would give lot of trading range for traders to make some money in the
process. The range I now estimate to remain till the elections is between 8000 and 12000, if you consider the targets set in the above para then the range would break down but the expectation's are that we would very fast enter into the range every time we break out.
Shares of Citigroup slumped 6.6% after the bank said it would cut about 50,000 jobs
In a separate development Unitech has repayed its loan to India Bulls and has also is mulling to sell its 200 room hotel in Gurgaon.
Today might not be a big scoring day for the bears, as there is strong chance that the market will bounce back after a lower open. We caution investors against going short in today's market.
further the previous lows of around 2250. No doubt I would still recommend investors to buy with long term horizon.
Market would give lot of trading range for traders to make some money in the
process. The range I now estimate to remain till the elections is between 8000 and 12000, if you consider the targets set in the above para then the range would break down but the expectation's are that we would very fast enter into the range every time we break out.
Shares of Citigroup slumped 6.6% after the bank said it would cut about 50,000 jobs
In a separate development Unitech has repayed its loan to India Bulls and has also is mulling to sell its 200 room hotel in Gurgaon.
Today might not be a big scoring day for the bears, as there is strong chance that the market will bounce back after a lower open. We caution investors against going short in today's market.
Monday, November 17, 2008
Markets remain indecisive!
The daily candle on the Nifty chart is a bear candle
with small real body and shadows on both sides.
After a third day of the fall, we expect market to hold
immediate support levels of 2750. High volatility is
likely to continue. Suggest shorts to be covered near
support areas.
The Nifty has supports at 2750 and 2700 levels and
the resistance at 2900, 2970 levels
RBI decided to take few more steps to limit the damage on the Indian economy. It has announced measures to boost dollar inflows by raising interest rates on NRI deposits. It has also decided to ease the liquidity pressure on Real Estate and NBFCs by lowering the provisioning and risk weight on loans to these battered sectors. The central bank will consider proposals for buy back of FCCBs, besides allowing registered housing finance companies to raise short-term loans overseas and extending the special repo for MFs and NBFCs.
The latest attempt by the RBI to ease the credit crunch is not a surprise given the extraordinary situation facing the Indian economy. It may at best bring some relief to the beleaguered financial markets, but is unlikely to lift the key stock indices beyond a few hundred points. The case in point is last week's trade, when the improved data on industrial production and a surprisingly sharp drop in inflation failed to perk up the markets. The fear is that the macro-economic numbers for the coming months may be even worse. The one bright spot could be further fall in inflation, could allow the RBI to announce more rate cuts.
with small real body and shadows on both sides.
After a third day of the fall, we expect market to hold
immediate support levels of 2750. High volatility is
likely to continue. Suggest shorts to be covered near
support areas.
The Nifty has supports at 2750 and 2700 levels and
the resistance at 2900, 2970 levels
RBI decided to take few more steps to limit the damage on the Indian economy. It has announced measures to boost dollar inflows by raising interest rates on NRI deposits. It has also decided to ease the liquidity pressure on Real Estate and NBFCs by lowering the provisioning and risk weight on loans to these battered sectors. The central bank will consider proposals for buy back of FCCBs, besides allowing registered housing finance companies to raise short-term loans overseas and extending the special repo for MFs and NBFCs.
The latest attempt by the RBI to ease the credit crunch is not a surprise given the extraordinary situation facing the Indian economy. It may at best bring some relief to the beleaguered financial markets, but is unlikely to lift the key stock indices beyond a few hundred points. The case in point is last week's trade, when the improved data on industrial production and a surprisingly sharp drop in inflation failed to perk up the markets. The fear is that the macro-economic numbers for the coming months may be even worse. The one bright spot could be further fall in inflation, could allow the RBI to announce more rate cuts.
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