Market Outlook for 19’Th Jan 2010:
In tandem with markets overseas, Nifty opened 25 points lower. From morning trade itself, aggressive buying in banking stocks supported by very good volumes acted as a booster that helped index to take support nifty at 5230. Pharma & IT stocks to gain entire day (We Mentioned on Saturday). However, the index found it difficult to sustain above these levels and inched down to end the session 23 points higher at 5275. 5270 & 5290 acted supply zone. 3 lakh shares were added in open interest with decrease in cost of carry, indicating creation of fresh short positions at higher levels. On the option front, implied volatility has increased marginally, indicating that the market will continue to remain in a broader range with good supports around 5200-5180 and short covering above 5330 levels.
Trading Moves for the day:-
Sell Tata Steel at level of 639 with intraday target of 630 & 628,625.
Sell Reliance at level of 1107 with intraday target of 1100 & 1095, 1090.
Tata Steel ADVANCE SCIENTIFIC Chart 19’Th Jan 2010:-
(Forecasting to happen during Trading Hours)
Selling will be continued in Tata Steel, Reliance. We expect selling pressure to continue on second day. Small buying not ruled on lower levels.
TISCO (637): Same view continues even today: the range between 627 and 648 may still act as a trend decider for the day. Selling will continue at higher levels. Tata Steel would open weak. Would become range bound in mid trading session. Further selling will emerge on closing basis. Tata Steel will close in red by -1% to -1.5% (Negative Basis).
Reliance (1100): Same view continues even today: the range between 1085 and 1112 may still act as a trend decider for the day. Selling will continue at higher levels. Reliance would open weak. Would become range bound in mid trading session. Further selling will emerge on closing basis. Reliance will close in red by -1% to -1.5% (Negative Basis).
Bye.............
Stop Gambling & Start Investing…..
No comments:
Post a Comment