Meanwhile, the India's food price index grew for the year to 17.94 per cent for the week ended 30th January 2010.
On Friday the IIP data was released, India's industrial output grew at its fastest pace in at least a decade in December, in further evidence of a strong economic recovery. Industrial output grew 16.8 percent in December from a year earlier, up from revised annual rise of 11.8 percent in November and also above analysts forecast for a 12 percent rise. It was the highest reading since April 1999 for which the data was not immediately available.
Nifty closed the day at 4,826.85 up by 69.65 points. Nifty February Future closed at 4,832.3 premium of 5.45 points.
- FII bought in index futures, stock futures, cash and index options (Net bought 1289.3 Crore)
- US markets closed flat to negative.
- Global cues are flat to Positive.
- SGX nifty is Negative as of now.
- Most Active February Nifty Call Option: 4800 and 4900.
- Most Active February Nifty Put Options: 4800 and 4700.
Supports: Very short term trend seems up. Supports for going long would be at 4815-4790/85 zone. Below that 4740-4720 is important positional support zone.
Resistances: 4855-4875 as discussed. Above that 4915/20-4960 are very much possible.
Current Spot: 4826.85
RSI (7 days): 45.82
Supports: 4790 - 4751
Resistance: 4856 - 4883
Buy Nifty above 4832 - 4855 - 4885 - 4922 SL - 4818
Sell Nifty below 4816 - 4793 - 4755 - 4726 SL - 4822
Stock Ideas for the Day
Reliance has a strong support at the levels of Rs 975 and as a net result stock rebounded from this level last week. Now we need to watch if it can cross the level of 1030 as it is its 200 DMA and if it does than it can target the level of Rs 1056. Traders should close their short positions on a rally above Rs 1,030.
Thus as a strategy exit your shorts if stock moves above the level of 1029. If the level of Rs 970 is broken than it finds support at Rs 943-850 and presently a sideways trend is existing in the stock.
Reliance Industries: Sell below 1006 for targets of 996, 975, 964 SL of 1006
Manglore Chemical & Fert: Buy above 24 for targets of 24.6, 25.3 SL of 23 (1-2 Days)
Deepak Fertilizers: Buy above 101 for targets of 103, 106 SL of 97
Texmaco Ltd.: Buy above 164 for targets of 171, 180 SL of 158
IRB Infra: Buy above 258 for targets of 289 SL of 246 (One Month)
Exide Industries: Buy above 112 for targets of 122 SL of 107 (One Week)
There is only one side of the market and it is not the bull side or the bear side, but the right side - Jesse Livermore
Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.
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