NIFTY 1'ST FEB 2010

AS shown in Technical charts good support was their for nifty , Reliance , Ongc, Banking & other Capital goods shares. heavy buying was seen in reliance & Nifty at lower levels. Still we need upward momentum. Nifty future has turned into a discount of 6 points from a premium of 5 points and 21 lakh shares were added in open interest. Total open interest in the market was Rs93,130 crore and Rs7,630 crore were added in open interest.

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.

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.

Nifty call option added 38.20 lakh shares in open interest, whereas put option added 47.30 lakh shares in open interest. Indian Bank (44%),IVRCL Infrastructure (34%),Dr Reddy ’s Laboratories (26%),Patni Computer Systems (24%),and Indiabulls Real Estate (20%)were the top open interest gainers in the market. Piramal Healthcare (-24%),Dabur India (-19%),Crompton Greaves (-13%),and Federal Bank (-13%)were the top open interest losers in the market.

On weak cues from the US market and gray Asian markets, Nifty was 55 points lower at opening bell. The market remained choppy thereafter with every rise followed by selling. Nifty gained momentum with the announcement of a 75-basis-point hike in the CRR by the Reserve Bank of India in the third quarter review of the monetary policy 2009-10.After breaching 4800,the bulls took control on the back of heavy buying in banking and capital goods stocks. Nifty finally closed 15 points higher. Volumes in Nifty futures were significantly lower than the previous trading volumes. On the option front, implied volatility has decreased marginally by around 150-250 basis points, indicating that the market may see some bounce-back.

Initially, above 4930, the resistance is quite likely to be found at 4953 – 4964. Strong supply is likely to come at around 5020. 4766 is good support on lower levels.

AS paid E-mail Service has already started we can't put advance chart of Tata Steel & Reliance . However we will show you EOD basis. Trading call be given & updated on blog Daily basis.

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