Hello Readers / Visitors,

Today markets bounces from weekly trendline supports & also tested lifeline / trendline which we have mentioned earlier in our previous posts. Sensex weekly support 9100-9150 & Nifty 2800. Also today morning we have updated the same to our sms members that markets are likely to bounce from weekly supports & fortunately the same happened.

Nifty intra day Calls given to clients : buy at 2840 with sl 2800 & target 2920 & 2990, part profits were booked on 2920 & balance with trail stop loss. Markets are purely trading in a channel range & buying seen at channel supports & selling at resistances, good for day & short term traders with positional calls like our PREMIUM CLIENTS are doing.....

For tommorrow Nifty close 2922
Supports 2880-2850-2800
Resistance 2950-2965-2990-3030

If tommorrow if markets move up, it will move then will go into congestion levels of 2950-2990 where it may give volatile moves as we have seen today in range 2820-2850 where 4 some day traders stop loss may be hit & later on targets will be achieved too & vice versa.

RELIANCE INDUSTRIES UPDATE:

Ril today have tested lower supports levels of congestion of 1150-1180, this levels are strong supports for the stock, until the stock sustains these levels on closing basis we can may see the stock bouncing from these levels. But if we close these levels with volumes then it may even test previous lows of last month.

Reliance industries close : 1246
Supports : 1225-1205-1190
Resistances : 1265 - 1285 - 1310

PROVISIONAL FIGURES FOR 29 DECEMBER 2008 IN RUPEES CRORES :

Cash Segment :

Fii +4
Inst +243

Fii(deri)
Idx fut +23
Idx opt +157
Stk fut -63
Stk opt +76
Net +193

Regards,

Allies Financial Services

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