Market Technicals for the week ending 11th January by Vikash Agarwal

Market Technicals for the week ending 11th January by Vikash Agarwal

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 10th January

Both Nifty & Sensex has become a bit weak at these levels. The trend for fresh buying positions will continue if the markets trade beyond 6280 & 20894 . There are chances that Nifty & Sensex may open 8 - 9 points up & 25 - 26 points up. There are chances of an intraday movement of around 210 points & 820 points in Nifty & Sensex respectively.

If the markets sustain above 6329 & 21088 levels, then they will try to touch 6387 & 21306 levels.

On the other hand, market has a weak support at 6222 & 20676 because the markets may further fall down to 6173 & 20483 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 6275.50 with a target of 6385.40 & with a stoploss/ average below 6220.55.

Buy Axis Bank Jan.' 08 Futures at current levels with a target of 1182.40 & with a stoploss/ average below 1054.40.

Options

Buy Bajaj Hind 300 PA Jan.' 08 at current levels with a target of 5.35 & with a strict stoploss below 0.15.

Buy RNRL 260 CA Jan.' 08 at current levels with a target of 9.25 & with a strict stoploss below 3.10.

Long Term Delivery Calls

We strongly recommend a buy on Lanco Infratech at current levels with a target of 1363.00.

We strongly recommend a buy on Maharashtra Seamless at current levels with a target of 806.00.

Medium Term Delivery Calls

Buy South India Bank at current levels with a medium-term target of 405.75 .

Short Term Delivery Calls

Buy Solar Explosives at current levels with a short-term target of 574.75 & with a stoploss/ average below 469.00.

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

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

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