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

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 14th January

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 6178 & 20742 . There are chances that Nifty & Sensex may open 21 - 22 points down & 84 - 85 points down. There are chances of an intraday movement of around 220 points & 775 points in Nifty & Sensex respectively.

If the markets sustain above 6245 & 20979 levels, then they will try to touch 6290 & 21131 levels.

On the other hand, market has a weak support at 6133 & 20590 because the markets may further fall down to 6067 & 20353 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 6291.10 & with a stoploss/ average below 6159.85.

Buy Uniphos Jan.' 08 Futures at current levels with a target of 446.90 & with a stoploss/ average below 375.35.

Options

Buy Essar Oil 340 CA Jan.' 08 at current levels with a target of 16.90 & with a strict stoploss below 1.30.

Buy Bajaj Hind 300 PA Jan.' 08 at current levels with a target of 14.30 & with a strict stoploss below 2.60.

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 Compact Disc at current levels with a medium-term target of 216.60 .

Short Term Delivery Calls

Buy Prime Securities at current levels with a short-term target of 296.55 & with a stoploss/ average below 258.15.

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

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

Regards
Vikash Agarwal