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Market Technicals for the week ending 11th January

Wednesday, January 9, 2008

Indian Markets Technicals

Both Nifty & Sensex have become strong at these levels. The trend for fresh buying positions will continue if the markets trade beyond 6211 & 20509 . There are chances that Nifty may move 176 - 177 points up & Sensex may move 507 - 508 points up. There are chances of a weekly movement of around 475 points & 1370 points in Nifty & Sensex respectively.

If the markets sustain above 6362 & 20940 levels, then they will try to touch 6450 & 21194 levels.

On the other hand, market has a weak support at 6123 & 20255 because the markets may further fall down to 5972 & 19823 levels from this point due to panic selling & profit booking which can act as a strong support.

Intraday Market Technicals for 09th January

Both Nifty & Sensex has become a bit strong at these levels. The trend for fresh buying positions will continue if the markets trade beyond 6288 & 20882 . There are chances that Nifty & Sensex may open 1 - 2 points up & 9 - 10 points up. There are chances of an intraday movement of around 270 points & 760 points in Nifty & Sensex respectively.

If the markets sustain above 6356 & 21068 levels, then they will try to touch 6424 & 21263 levels.

On the other hand, market has a weak support at 6220 & 20687 because the markets may further fall down to 6153 & 20501 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 at current levels with a target of 6390.60 & with a stoploss/ average below 6213.90.

Buy Renuka Sugars Jan.' 08 Futures at current levels with a target of 1210.80 & with a stoploss/ average below 1063.65.

Options

Buy Essar Oil 340 CA Jan.' 08 at current levels with a target of 36.80 & with a strict stoploss below 12.35.

Buy IFCI 90 CA Jan.' 08 at current levels with a target of 10.90 & with a strict stoploss below 2.80.

Long Term Delivery Calls

We strongly recommend a buy on Kesoram Inds. at current levels with a target of 992.00.

We strongly recommend a buy on Kirloskar Brothers at current levels with a target of 706.00.

Medium Term Delivery Calls

Buy Centurion Bank at current levels with a medium-term target of 91.25 & with a stoploss/ average below 62.75 .

Short Term Delivery Calls

Buy Rajesh Exports at current levels with a short-term target of 922.95 & with a stoploss/ average below 865.90.

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

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

By
Vikash Agarwal

Posted by FR at 10:00 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.