Yesterday Nifty opened 35 points lower followed by selling pressure in morning trades. Buying in capital goods, realty was seen. Banking stocks and Reliance pack, helping the market to close above 4900. After witnessing a decent recovery from the low, Nifty finally ended the session with a gain of 18 points at 4900. Volumes in Nifty futures were significantly lower than the previous trading volumes. Around 1 lakh shares were added in open interest with increase in the cost of carry, indicating long accumulation at lower levels. On the option front, implied volatility has decreased marginally, indicating market may trade with a positive bias and may witness some bounce-back up to 4947-4970 levels.
Trader can go long in reliance at 1030-1033 range for target of 1070. Stop would be 1015-1012. We will close our call on 4’Th Feb 2010(Call on 1’st Feb 2010). Reliance made a low 1035.55(1’st Feb 2010). Partial book your profit & 1059-1063 & continue long till 4’Th Feb.
Trader can go long in Tata Steel at 555-557 range for target of 585-587. Stop would be 543-550. We will close our call on 4’Th Feb 2010(Call on 1’st Feb 2010). Tata Steel made a low 558(1’st Feb 2010). Partial book your profit & 585-587 & continue long till 4’Th Feb.
Initially, above 4930, the resistance is quite likely to be found at 4953 – 4964. Strong supply is likely to come at around 5020.
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