Sensex lost 551.75 points or 5.54% to 9,406.47 and Nifty slipped 173.75 points or 5.70% to 2873 in the week ended 9/1/2009. Last week Satyam scam break positive sentiment of market and pulled down into negative trend. The sentiment may remain nervous with investor confidence shattered by a massive over Rs 7000 crore accounting scam at IT major Satyam. The accounting scandal has created shock and fear among the Indian and global investing community.
The third quarter December 2008 results will dictate the near term trend of the market. Market expects poor the Q3 December 2008 earnings from Indian Inc on high input costs, the credit crunch and high interest rates, coupled with the burden of piled-up inventories.
Inflation has been on a sustained fall since peaking at a 16-year high of 12.91% in the week to 2 August 2008, raising hopes of further softening of interest rates from the Reserve Bank of India. Wholesale Price Index (WPI) based inflation rate fell to a 10-month low of 5.91% in the week ended 27 December 2008 from 6.38% in the previous week.
Use Stop loss strictly in your every trade, because market is heavily volatile with narrow trading range.
|
INDEX |
THIS WEEK CLOSE |
PREVIOUS WEEK CLOSE 2-1-09 |
PERCENTAGE CHANGE (%) |
|
SENSEX |
9406.47 |
9958.22 |
-5.54 |
|
NIFTY |
2873.00 |
3046.75 |
-5.70 |
NIFTY FUTURE CHART
NIFTY FUT. (2863):
As per our last week’s prediction, nifty had a very strong resistance of 3120, in last week nifty could not close above 3120 level for single day. Now, weekly chart shows bearish engulfing in nifty. Major Resistance is 3120 and Major support is 2800, Buy nifty if close above 2890 for target of 2976-3017-3066, below 2800 nifty may touch 2701-2650-2565.
BAJAJAUTO(427.70)
Buy this stock only above 435 for target of 443-455-470, keep stop loss of 410.
SUNPHARMA(1099)
On chart this stock made bullish engulfing, so buy above 1110 for target of 1132-1150. keep stop loss of 1083.
CHAMBAL FERTI(35.65)
On chart this showing double bottom, looking to that support buy this stock above 36 with stop loss of 33. Target is 39-41 to 44
JPASSOCIATE(68.50)
Buy this stock only above 77 for target of 85-93. keep stop loss of 63.
Rupesh Yatesh Dalal
MARKETCALLS
http://marketcalls-stock.blogspot.com
marketcalls.wordpress.com 