[Attachment(s) from ekam ber included below]
| Trading Today (January 08 2010) Please see the attachment |
| | From Our Technical Desk | From The Dealing Desk | | Bullish Flag under making - Nifty finally broke the winning streak of past four positive sessions, on account of profit taking in Auto and IT stocks. However, buying was witnessed in stocks from oil & gas and consumer durable sectors. Overall, Nifty witnessed consolidation today as well. On hourly chart of Nifty a bullish Flag (continuation pattern) is observed to be shaping up. The positive breakout of the flag will take place on the penetration of 5300-mark. Looking at the current market scenario, the probability of an upside breakout seems to be on the higher side.
BSE Oil & Gas - Buying was witnessed in the BSE Oil & Gas index and it gave a triangular breakout as well as broke the resistance of 10749 and further made a high of 10788. Thus now in the coming days this index will test 11123 and above that 11545.
BSE Power - BSE power index opened on a positive note and tested mentioned target of 3249. Thereafter some profit booking was witnessed and this index finally closed at 3233 with a loss of -0.17%. However as this index is continuously making higher tops and higher bottom, thus it is still looking strong and now it can test 3485 and above that 3721 levels. Downside this index has support at 3139.
BSE IT - Selling was witnessed in the BSE IT index and it broke the support of 5127 and finally closed below the support level at 5055 with a loss of -2.22%. Thus now this index has support at 4985 levels and if this index starts trading below this level then we will witness sharp downside in this index.
| Trading Ideas - Mid term trading ideas which we like are IFCI (Target 65), Suzlon (Target 108), BOC (Target 260) and Elecon (Target 110). Traders maintain stop loss accordingly.
Investment Ideas - Garware Offshore: CMP @ Rs. 179 (Target Rs. 210)
| | Statistical Data | - Derivatives Update
- Advance Decline Ratio
- Sector updates
- Exchange Volumes
- Implied Volatility for ATM Options
- Put Call Ratio for (Open Interest)
- FII - MF Activity
- World Markets
- Currency
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Emkay Retail Advisory | Emkay Global Financial Services Ltd. | www.emkayglobal.com
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Please use your discretion before acting on the ideas expressed in the group.
Happy Trading,
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