MArket VIew

Good MOrning .......!!!

Nifty: Resistance 2925/2990 / 3012
Support 2900/2880/2850

Nifty exactly did as we said yesterday. We said that after a gap down, Nifty will take support @ 2880. Nifty made a low of 2877.6 & bounced back to close Flat. Today again view remains same. Below 2880 (closing basis) , Nifty is weak for 2825 zone. Abv 2925 (closing basis) Nifty looks good for 2990-3012 zone

Markets likely to open weak. Nifty has good support at 2870. We expect markets toclose in green today . The issues one have to watch out today are then inflation data and IIP numbers . We see inflation coming down to4.03% . This would go as good news going forward. The Govt also announced on the issues regarding FDI policy which is positive news asa whole.

We expect markets today behave on news specific. Investors can go long with view of 2-3 trading sessions

Intraday calls

BUY SBIN @ 1140 with strict stoploss at 1121 tgt 1155 >> 1163
Buy JPASSOCIAT at 72.50 with strict stop loss @ 70 target 75>>> 79 -- time gap - 3-5days

Market info ...

(IIP) data for Dec08 will be released today, 11 Feb09. The IIP for the November 2008 stood at 2.4%, compared to contraction of 0.4% in Oct08. US markets plunged on Tuesday, 10 February 2009, as investors soured on the financial rescue and seemed to ignore the Senate's approval of its $838 billion economic stimulus package...