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22.12.2008 – 26.12.2008
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As expected, last week Nifty closed above its crucial resistance level of 3050 and this has happened after a tug of war between bulls & bears during the entire week, ultimately bulls had managed to have a upper hand and touched a high of 3106 and closed the week @ 3077. As the Nifty has got a cluster of supports around 2850-2920 and this level is 150 points away from last closing also bulls have not yet fully loaded with long positions, so chances of a minor dip till 3000-2975 cannot be ruled out. Ofcourse, the broad trend is up, but it needs a strong base building to move up further. The expected range for the NIFTY during this week is 3000-2975 on the down side & 3169-3229 on the upper side and maximum Nifty can extend till 3301, as the RSI & %R are inching towards its upper threshold limit, so correction is expected around 3300 levels so beware of long positions around this levels.
Stock to Watch
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EIH @ 135.60 is looking good for a Tgt of 150+
IOC @ 425 is looking good for a Tgt 450+
Indian Bank @ 131 is looking good for a Tgt of 145+
Buy DENABANK with S/L @ 29 Tgt 39+
Paper stocks are looking HOT……………. Have a EYE on BILT & STAR PAPER
Buy STAR PAPER with S/L @ 16 for a TGT of 25+
Reality stocks likely to give up its recent gains and may go in for a Correction Mode...
FMCG is likey to show a good run……… HINDUSTAN LEVER .. is looking hot… Breakout……. Looks good for a Tgt of 280+……..Grab with S/L @ 245….
RELIANCE might gets into sideways below 1312…
DLF below 279, is the first sign of weekness…
ICICI below 457 is a sign of Toping Out..
RCOM above 223, may get into fresh upward move..
-------------------- HAVE A GREAT PROFITABLE WEEK AHEAD------------------------