Market Report for 24/01/2011

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Niwas-9347078430

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Jan 23, 2011, 6:35:05 AM1/23/11

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Dear Friends

Market Report

Immediate Trend: Down
Short-Term Trend: Down

Important Events this week: RBI Monetary Policy on 25th January

Important Level to watch: 5631 if broken caution to exit all long positions as this is critical support level; this weeks high of 5750 needed to be broken comfortably for initiating long positions

Intraday support/resistance levels: 5675(s1), 5653(s2), 5631(s3), 5718(r1), 5739(r2), 5750(r3)

The Nifty has delivered a positive weekly close, which means that an extension on the downside seems to have halted. On the daily charts it appears it would pullback till 5770 and 5825, which are the targets for the inverted head and shoulders pattern. In case of an expanded flat pattern the swing high of 5874 will be taken off. On the lower side 5634 and 5624 are the crucial supports which are quite close to the 200 DMA. Till these levels are held, we continue to maintain our short and medium term bias up. On the daily charts the Nifty is trading quite below its 20 DMA and 40 DMA that are 5894 and 5894 respectively.

Stocks to watchout for the week:State Bank of India, Jindal Steel & Power Ltd, Sesagoa, Icici Bank, Tata Coffee, DR Reddy, Hind Uni Lever, Grasim, Trent, Usha Martin, Alstrom projects, Ceat, Sterlite Industries, UTV Software, GDL, JSW Steel, Archies, Balaji Amines, Network18, Motilal Oswal, ONGC, Siemens