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With the markets erasing almost all its losses, the underlying trend continues to remain up. Immediate resistance levels for Nifty are at 5,275 & 5,230, while support levels are at 5,159 & 5,125. 

1) Buy Tata Power at-115 with Stop Loss- 108

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Markets had a cautious start and remained lower for most part of the session led by profit booking. TCS nos. led IT sector down and metals, capital goods indices dragged markets towards the support zone. Opening of European markets in red territory further plunged Indian indices. Nifty future is still facing stiff resistance at 5000; if it is able to maintain above this then we expect to see it around 5100 otherwise if it slips below 4940 then it will get support around 4880-4830.

TREND: Sideways

SUPPORT: 4880 & 4830

RESISTANCE: 5015 & 5080

Major Nifty News-

• Sensex ends flat; cap goods, IT, metals fall but RIL up 5%.
• Capital goods, IT, metal and auto being the worst performers;Oil & gas highest
• gainer.
• Essar Oil plunges over 11% on Rs 63 bn tax blow.
• RIL to consider share buyback on January 20.
• Bajaj Finance Q3 profit jumps 57%.
• Coal India hit by wage hike, down 3%.

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Nifty Trend for – 18-01-2012

Indices saw gap up opening in support of strong global cues and nifty future opened above 4900. Positive momentum was witnessed throughout the session but faced hurdle around 5000 level. Positive opening of European markets & strong rupee helped markets to give closing above 4900. Now, 5015 will act as stiff resistance in this bull rally. If it surpasses 4950 then 4915 is immediate support for it while next support is around 4850.

TREND: Up

SUPPORT: 4915 & 4850

RESISTANCE: 5015 & 5080

Major Nifty News-

• Sensex jumps 277 points to end above 16,400.
• Metal, capital goods and realty remained the best performers.
• RCom ties up refinancing for redemption of FCCBs of USD 1.18 bn.
• Zee News consolidated Q3 profit surges 61%.
• HCL Tech tops street estimates; cons net jumps 43% YoY.
• Maruti Suzuki shares up on price hike, vendor hedging report.

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The market consolidated throughout the session on Wednesday, though it managed to hold 4850 level on the Nifty quite well. Today’s trend was completely in line with global cues.

Reliance Industries, banks, metals and realty stocks helped the market to retain yesterday’s gain. However, technology stocks took beating ahead of Infosys’ third quarter numbers. The broader indices outpaced the benchmarks led by retail, aviation, realty and education stocks. The BSE benchmark Sensex was up 10.77 points, to close at 16,175.86 and the NSE benchmark Nifty rose 11.40 points, to end at 4,860.95.

Looking at the current momentum, in the immediate short term, Nitin Raheja, CIO of Rada Advisors feels the index could go up to 4,950-5,000. But experts still believe the road ahead will not be so smooth. Jyotivardhan Jaipuria, head of research of BofA Merrill Lynch expects both GDP growth and earnings to disappoint the market. Metal stocks continued to hog the limelight especially after China’s trade data and Alcoa’s positive outlook for aluminum demand. Respective index jumped over 2%.Shares of Hindalco, Sterlite Industries and Sesa Goa shot up 5-6%; SAIL and Tata Steel were up 3-3.7%. The BSE Realty Index posted outstanding performance, rising 4.6%; DLF gained 3.4% and HDIL surged over 10%.

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CALL : SELL ADANIENT EQ. BELOW 290.50 TARGETS 287.60/284.50/281  SL 293.55.

CALL : SELL SOYAREFIDR BELOW 722 TARGETS 720.50/718.50/716 SL 723.60.

CALL : SELL BHARTIARTL FUT BELOW 327.50 TARGETS 325.50/323/320.20 SL 329.60.

CALL : BUY PNB FUT ABOVE 866 TARGETS 874/885/895 SL 877.90.

CALL : BUY ANDHRABANK EQ. ABOVE 92.35 TARGETS 93.40/94.50/95.60 SL 91.40.

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