NIFTY:
Resistance: 2954 - 2990 - 3005 - 3030/3059
Support : 2899 - 2880 - 2856 - 2801 - 2745
View: Nifty bounced from lower levels after a big gap-down & closed almost flat on Friday, DEC12, 2008.
Today watch out for 2990, above it if sustained we may see an upswing upto 3030. On downside 2856 is good support, below This level we experience a fall till 2803 >2745.
We advice to Start booking and BTST & longs that were built on Friday, we have discounting all bad news & moving up. Reliance has given big moves in recent sessions. Its now near resistance of 1375.
Major events in in this week:-
- Announcement of the Advance tax data, which will give a idea of 3rd quarter quarter reasults.
- US fed two days meeting is going to start today, Expecting to cut rates @ 0.75% basis points. (+ve for financial stocks).
- OPEC meeting on production cut is expected tomorrow ( positive for OIL refinery stocks mainly Cairn and essaroil),
- Rupee is aaprociating against dollar, which can lead to more dollar inflow in india economy ( -ve for TCs and Infosyts mainly),
- Indian Government can announce some more fiscal package ( mainly for Reality sector, +ve for DLF and HDIL) !!! Buy at dips with a stop loss of 2840 !!!!
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