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Indian Markets Technicals

Wednesday, January 16, 2008

Market Technicals for the week ending 18th January by Vikash Agarwal

Indian Markets Technicals

Nifty has become a bit weak whereas Sensex has become a bit strong at these levels. The trend for fresh buying positions will continue if the markets trade beyond 6223 & 20824 . There are chances that Nifty may move 221 - 222 points down & Sensex may move 765 - 766 points up. There are chances of a weekly movement of around 485 points & 1535 points in Nifty & Sensex respectively.

If the markets sustain above 6333 & 21210 levels, then they will try to touch 6467 & 21592 levels.

On the other hand, market has a weak support at 6089 & 20441 because the markets may further fall down to 5978 & 20055 levels from this point due to panic selling & profit booking which can act as a strong support.

Intraday Market Technicals for 16th January

Both Nifty & Sensex has become very weak at these levels. The trend for fresh buying positions will continue if the markets trade beyond 6129 & 20442 . There are chances that Nifty & Sensex may open 55 - 56 points up & 191 - 192 points up. There are chances of an intraday movement of around 260 points & 860 points in Nifty & Sensex respectively.

If the markets sustain above 6205 & 20681 levels, then they will try to touch 6336 & 21111 levels.

On the other hand, market has a weak support at 5998 & 20012 because the markets may further fall down to 5922 & 19773 levels from this point due to panic selling & profit booking which can act as a strong support.

Derivatives Calls

Futures

Buy Nifty Jan.' 08 Futures above 6123.65 levels with a target of 6314.10 & with a stoploss/ average below 6028.42.

Buy Educomp Jan.' 08 Futures at current levels with a target of 5602.05 & with a stoploss/ average below 4648.30.

Options

Buy IFCI 90 CA Jan.' 08 at current levels with a target of 5.15 & with a strict stoploss below 0.45.

Buy IFCI 80 PA Jan.' 08 at current levels with a target of 4.75.

Long Term Delivery Calls

We strongly recommend a buy on M&M at current levels with a target of 1268.90.

We strongly recommend a buy on MRPL at current levels with a target of 221.50.

Medium Term Delivery Calls

Buy City Union Bank at current levels with a medium-term target of 596.15 & with a stoploss/ average below 371.90 .

Short Term Delivery Calls

Buy Idea Cellular at current levels with a short-term target of 160.15 & with a stoploss/ average below 140.60.

It will be my pleasure to build a strong relationship with you.

I look forward for your response & suggestions regarding my research.

Vikash Agarwal

Posted by FR at 9:28 AM  

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IMPORTANT DISCLAIMER

Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.