Market Technicals for the week ending 11th January

Markets Technicals

Both Nifty & Sensex have become strong at these levels. The trend for fresh buying positions will continue if the markets trade beyond 6211 & 20509 . There are chances that Nifty may move 176 - 177 points up & Sensex may move 507 - 508 points up. There are chances of a weekly movement of around 475 points & 1370 points in Nifty & Sensex respectively.

If the markets sustain above 6362 & 20940 levels, then they will try to touch 6450 & 21194 levels.

On the other hand, market has a weak support at 6123 & 20255 because the markets may further fall down to 5972 & 19823 levels from this point due to panic selling & profit booking which can act as a strong support.

Intraday Market Technicals for 11th January

Both Nifty & Sensex has become very weak at these levels. The trend for fresh buying positions will continue if the markets trade beyond 6215 & 20772 . There are chances that Nifty & Sensex may open 58 - 59 points up & 190 - 191 points up. There are chances of an intraday movement of around 405 points & 1350 points in Nifty & Sensex respectively.

If the markets sustain above 6288 & 21015 levels, then they will try to touch 6419 & 21449 levels.

On the other hand, market has a weak support at 6084 & 20339 because the markets may further fall down to 6011 & 20096 levels from this point due to panic selling & profit booking which can act as a strong support.

Derivatives Calls

Futures

Buy Nifty Jan.' 08 Futures above 6207.80 with a target of 6388.30 & with a stoploss/ average below 6117.55.

Buy Bank Of India Jan.' 08 Futures at current levels with a target of 434.65 & with a stoploss/ average below 378.25.

Options

Buy IFCI 95 CA Jan.' 08 at current levels with a target of 4.85 & with a strict stoploss below 0.35.

Buy RNRL 240 CA Jan.' 08 at current levels with a target of 8.55 & with a strict stoploss below 4.45.

Long Term Delivery Calls

We strongly recommend a buy on Lanco Infratech at current levels with a target of 1363.00.

We strongly recommend a buy on Maharashtra Seamless at current levels with a target of 806.00.

Medium Term Delivery Calls

Buy Dolat Investments at current levels with a medium-term target of 170.55 .

Short Term Delivery Calls

Buy Gruh Finance at current levels with a short-term target of 208.90 & with a stoploss/ average below 192.20.